If a firm moves from one point on a strictly convex production isoquant to another point on the same isoquant, which of the following statement(s) is/are false? I. The same level of output II. A constant rate of technical substitution (TRS) III. A change in the marginal rate of substitution (MRS) IV. A change in the marginal products of the inputs only I is false O II and III are false O I, II and III are false O I and IV are false

If a firm moves from one point on a strictly convex production isoquant to another point on the same isoquant, which of the following statement(s) is/are false? I. The same level of output II. A constant rate of technical substitution (TRS) III. A change in the marginal rate of substitution (MRS) IV. A change in the marginal products of the inputs only I is false O II and III are false O I, II and III are false O I and IV are false

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 8P

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