a-1, b-3, c-2, d-4
a-2, b-1, c-4, d-3
a-1, b-2, c-3, d-4
a-2, b-1, c-3, d-4
Answer is Right!
Answer is Wrong!
The correct answer is: A. a-1, b-3, c-2, d-4
- Input-output isoquant is a curve that shows all the combinations of inputs that can produce a given level of output. It was developed by Wassily Leontief.
- CES production function is a type of production function that allows for substitution between different factors of production. It was developed by Charles Cobb and Paul Douglas.
- Duopoly model is a model of market competition in which there are only two firms. It was developed by Augustin Cournot.
- Kinked demand curve is a type of demand curve that is kinked at the current price. It was developed by Paul Sweezy.
Here are some additional details about each of the concepts:
- Input-output isoquant is a curve that shows all the combinations of inputs that can produce a given level of output. It is a useful tool for understanding how firms make production decisions.
- CES production function is a type of production function that allows for substitution between different factors of production. This is important because it allows firms to be more efficient in their use of resources.
- Duopoly model is a model of market competition in which there are only two firms. This is a useful model for understanding how firms interact with each other in a market.
- Kinked demand curve is a type of demand curve that is kinked at the current price. This is a useful model for understanding how firms set prices in a market.