{"id":43288,"date":"2024-04-15T21:27:18","date_gmt":"2024-04-15T21:27:18","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=43288"},"modified":"2024-04-15T21:27:18","modified_gmt":"2024-04-15T21:27:18","slug":"in-a-two-input-situation-k-and-l-if-one-of-the-inputs-say-l-is-available-free-of-cost-to-a-producer-then-the-factor-price-curve-or-the-producers-budget-curve-is","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/in-a-two-input-situation-k-and-l-if-one-of-the-inputs-say-l-is-available-free-of-cost-to-a-producer-then-the-factor-price-curve-or-the-producers-budget-curve-is\/","title":{"rendered":"In a two-input situation (K and L), if one of the inputs, say L, is available free of cost to a producer, then the factor price curve or the producer’s budget curve is"},"content":{"rendered":"

[amp_mcq option1=”horizontal” option2=”exponential” option3=”rectangular hyperbolic” option4=”L-shaped” correct=”option1″]<\/p>\n

The correct answer is A. horizontal.<\/p>\n

A factor price curve or the producer’s budget curve is a curve that shows the combinations of two inputs that a producer can purchase with a given budget. If one of the inputs, say L, is available free of cost to a producer, then the producer can purchase any amount of L without affecting his budget. This means that the producer’s budget curve will be a horizontal line, as he can purchase any amount of L without having to spend any money on it.<\/p>\n

Option B is incorrect because an exponential curve is a curve that increases or decreases at an increasing rate. This is not the case for the producer’s budget curve, which is a straight line.<\/p>\n

Option C is incorrect because a rectangular hyperbolic curve is a curve that decreases at an increasing rate. This is not the case for the producer’s budget curve, which is a straight line.<\/p>\n

Option D is incorrect because an L-shaped curve is a curve that has a vertical segment and a horizontal segment. This is not the case for the producer’s budget curve, which is a straight line.<\/p>\n","protected":false},"excerpt":{"rendered":"

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