Which of the following statement/statements are true? Statement 1: A particular isoquant represents the same level of output throughout. Statement 2: Production is the process by which inputs are transformed into output.

Both the statements are true. Both the statements are false Statement 1 is true and Statement 2 is false Statement 2 is true and Statement 1 is false

Both the statements are true.

Each isoquant represents a particular level of output and is labelled with that amount of output. Production is the process involving transformation of inputs into output.