Answered

Welcome to Westonci.ca, your ultimate destination for finding answers to a wide range of questions from experts. Get the answers you need quickly and accurately from a dedicated community of experts on our Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

L-shaped isoquants describe production systems in which inputs are perfect substitutes. Is this statement correct or not and why?

Sagot :

Answer: False

Explanation:

An isoquant is a simply a curve or a graphical representation of the inputs that are required to yield identical output levels. An isoquant simply means quantity of output that is constant.

L-shaped isoquants describing production systems in which inputs are perfect substitutes is false. It is used to describe scenarios whereby the inputs in question are complements.

We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.