The equilibrium point of a firm is attained at the point ...
The equilibrium point of a firm is attained at the point where the isoquant is
Greater than the isocost
Less than the isocost
Tangent to the isocost
Greater than the output
Correct answer is C
The firm is in equilibrium at the point where the isoquant curve is tangent to the iso-cost line. At this point, the firm is maximising its output level by employing the optimal combination of capital and labour.
Individual markets differ from each other according to ...
Macro-economics is a study of economics science from the point of view of ...
If in this demand-supply diagram, the quantity supplied is OQ, then ...
An imperfect market in which there is only one buyer of a commodity is ...
A major function of the middlemen in Nigeria is the distribution of ...
Precautionary motive relates to ...