Question:
Given below are two statements :
Statement I : The ridge line define the production plan in which substitution between two inputs is technically feasible without affecting the output.
Statement II : It can be identify by locating the point on the various isoquant at which MRTS=0.
In the light of the above statements. choose the most appropriate answer from the options given below :
Given below are two statements :
Statement I : The ridge line define the production plan in which substitution between two inputs is technically feasible without affecting the output.
Statement II : It can be identify by locating the point on the various isoquant at which MRTS=0.
In the light of the above statements. choose the most appropriate answer from the options given below :
Statement I : The ridge line define the production plan in which substitution between two inputs is technically feasible without affecting the output.
Statement II : It can be identify by locating the point on the various isoquant at which MRTS=0.
In the light of the above statements. choose the most appropriate answer from the options given below :
Updated On: Mar 15, 2024
- Both Statement I and Statement II are correct
- Both statement I and Statement II incorrect
- Statement I is correct but Statement II is incorrect
- Statement I is incorrect but Statement II is correct
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The Correct Option is A
Solution and Explanation
The correct answer is (A) : Both Statement I and Statement II are correct.
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