Which of the following sentences is/are true? i. All isoclines are expansion paths but all expansion paths are not isoclines. ii. Short-run production functions involve adjusting all inputs, including fixed inputs like land or capital, to affect output. iii. Stock resources are the resources which are not used in one period of production but can be stored for a later period.
Only iii
Statement i is true. All isoclines are expansion paths, but the reverse is not true. Statement ii is false. Short-run production functions do not adjust fixed inputs. Statement iii is true. Stock resources are defined as resources not used in a given period but stored for later use. Therefore, only statements i and iii are true.
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