The equilibrium point of a firm is attained at the point where the isoquant is

Economics

JAMB 2012

A. greater than the isocost
B. less than the isocost
C. tangent to the isocost
D. greater than the output

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Correct Answer: Option C

Explanation

The firm is in equilibrium at the point where the isoquant curve is tangent to the iso-cost line. At this point, the firm is maximising its output level by employing the optimal combination of capital and labour.

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The equilibrium point of a firm is attained at the point where the isoquant is

Correct Answer: Option C

Explanation

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