In the context of production theory, an isoquant represents: MCQ with Answer and Explanation

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In the context of production theory, an isoquant represents:

A. Combinations of two goods that give the same utility

B. Combinations of prices that maximise profit

C. Combinations of two inputs that produce the same level of output

D. Combinations of income and consumption

Answer: Option C

Solution (By JKSSB Mock Tests)

An isoquant is a locus of points showing different combinations of two inputs that yield the same quantity of output.

This question belongs to: Economy GK Economy Set 1

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