A graphical presentation of production function is known as _________.
Answer & explanation
Correct answer: option 2
The correct answer is option 2: Isoquant
A graphical presentation of the production function is called an Isoquant.
- An Isoquant represents different combinations of two inputs (like labor and capital) that produce the same level of output.
- It is similar to an indifference curve in consumer theory but applies to production instead of utility.