Isoquant: Defining Combinations of Factors for Output
An Isoquant in economics is a curve that graphically represents all possible combinations of two input factors (such as labor and capital) that yield the same level of output. The question specifically asks for the term describing this relationship.
Understanding the Terminology
- Isoquant: This term directly matches the definition provided in the question. It shows different input bundles that produce an identical quantity of output. For example, a firm could produce 100 units using many workers and little machinery, or fewer workers and more machinery; an isoquant maps these combinations.
- Duopoly: This refers to a market structure dominated by only two sellers, not a production possibility curve.
- Long run: This is a time period in production theory where all factors of production are variable, not a specific type of curve.
- Elasticity: This measures the responsiveness of one economic variable (like quantity demanded) to a change in another (like price), unrelated to production factor combinations.
Therefore, the correct term for a curve showing all combinations of two factors that produce a given output is an Isoquant.
Similar Questions
- The sum of total fixed cost and total variable cost is known as:
- The law of comparative advantage is popularly attributed to ________.
- A Giffen good is related to which of the following?
Which of the following is an example of structural unemployment?
- Which among the following organisations is the best example of an agreement between oligopolists?
- The curve that shows the levels of output that a profit maximising firm would choose to produce at different values of the market price is called the firm's ______.
- When a proportional increase in all input results in an increase in output by a larger proportion, the production function is said to display ______.
- Complete the sentence using the options given below.
The short-run marginal cost curve is 'U'-shaped due to ______. - The Total Revenue Curve of a firm shows the relationship between the _______ made by the firm and the output level of the firm.
- Which multiplier theory states that the economy will flourish the more the government spends?
Important Questions from Microeconomics
Which of the following statement is correct?
I. Indifference curves are sloping from left to right.
II. Higher indifference curve gives a higher level of utility.
Match List I with List II:
List- I
Shape of revenue curve of the firm
List – II
Market structure
A.
Kinked revenue-curve (I)
Monopolistic competition B.
Infinitely elastic straight line curve (II)
Perfect competition C.
Relatively less elastic curve (III)
Oligopoly D.
Relatively high elastic curve (IV)
Monopoly.
Choose the correct answer from the options given below -Marginal revenue of a firm is constant throughout under _________.
The cost curve which is a rectangular hyperbola is:
Rare of inflation is equal to:
[A = Price Index]
