Exam Question
The obligatory condition for the maximization of output given the factor prices:
- 1. Isoquant line must be tangent to one of the isocosts
- 2. Isoquant line must be tangent to all the isocosts
- 3. Isoquant line need not be tangent to isocost
- 4. Isoquant line needs to be parallel to isocost
View Answer
Answer 1. Isoquant line must be tangent to one of the isocosts
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