Question

Which of the following correctly describes a production isoquant?

An isoquant is a curve that shows the least-cost combinations of inputs that can produce a given level of output.
An isoquant is a curve that shows all possible levels of output that can be produced at various input price levels.
An isoquant is a curve that shows all possible combinations of inputs that can produce a given level of output.
An isoquant is a curve that shows all possible combinations of inputs that are used to produce various levels of output.
An isoquant is a curve that shows all possible levels of output that can be produced in the short-run using one variable input.

Answer 1

An isoquant is a curve that shows the least-cost combinations of inputs that can produce a given level of output.

Step-by-step explanation:

• Isoquants are lines of equal values that are meant to show a set of points that have the same quantity of output when changing the quantities of more than two inputs.

• It also shows an extent to which the firm has the ability to substitute two or different products to attain the same level of the outputs.