Which of the following is true? Group of answer choices: The production function is a straight upward sloping line. The production function has a negative slope and becomes flatter as capital and labor increase. The production function has a positive slope and becomes flatter as capital and labor increase. The production function has a positive slope and becomes steeper as capital and labor increase.
Added by Richard G.
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Which one of the following is NOT a characteristic of an isoquant? Group of answer choices: - Its slope is the ratio of capital and labor productivities in negative. - It shows perfect substitutability between capital and labor in the long-run. - As one of the resources needs to be increased, its equal increments will release fewer units of the other. - Its slope varies as the combination of the resources changes.
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