An isocost line » MCQ Academy English

Managerial Economics

An isocost line

Represents the combinations of w and K that cost the firm the same amount of moey
Represents the combinations of K and L that cost the firm the same amount of money
Represents the combinations of r and w that cost the firm the same amount of money
Has a convex shape

An isocost line represents the combinations of K and L that cost the firm the same amount of money.

Tags: The Production Process and Costs