LSUS MBA 701 - Chapter 9 Notes (Week Five): Questions And Accurate Answers

LSUS MBA 701 - Chapter 9 Notes (Week Five):
Questions And Accurate Answers

In the long run, all inputs are ________ are used to study production decisions.

A) Variable

B) Isoquants

C) Either Variable or Isoquants

D) Both variable and isoquants Correct Answer - D) Both variable and
isoquants

Which of the following is false involving production isquants?

A) An isoquant is a curve showing all possible input combinations physically
capable of producing a given fixed level of output.

B) Show various combinations of inputs that may be purchased for given level
of expenditure (C) at given input prices

C) Isoquants are downward sloping; if greater amounts of labor are used, less
capital is required to produce a given output.

D)An isoquant map is a graph showing a group of isoquants. Correct Answer
- B) Show various combinations of inputs that may be purchased for given
level of expenditure (C) at given input prices

used to study production decisions. (2 of 2)

A) Isoquants

B) expenditure

C) K-intercept Correct Answer - A) Isoquants

used to study production decisions. (1 of 2)

, A) K-intercept

B) expenditure

C) Variable Correct Answer - C) Variable

The ________ is the slope of an isoquant and measures the rate at which the two
inputs can be substituted for one another along an isoquant while maintaining
a constant level of output.

A) K-intercept

B) Isoquants

C) MRTS Correct Answer - C) MRTS

MRTS Equation is:

A) Delta K / Delta L

B) Delta L / Delta K

C) - (Delta K / Delta L) Correct Answer - C) - (Delta K / Delta L)

The minus sign is added to make MRTS a positive number since ∆K/∆L, the
slope of the isoquant, is ______.

A) positive

B) Negative Correct Answer - B) Negative

The minus sign is added to make MRTS a ________ number since ∆K/∆L, the
slope of the isoquant, is negative.

A) positive

B) Negative Correct Answer - A) positive