Question:
The set of all possible combinations of two inputs that produce the same level of output is known as:
The set of all possible combinations of two inputs that produce the same level of output is known as:
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Isoquant is used in production theory, while indifference curve is used in consumer theory.
Updated On: May 30, 2026
- Isocost
- Indifference Curve
- Isoquant
- Budget Line
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The Correct Option is C
Solution and Explanation
Concept:
In production theory, a firm uses inputs such as labour and capital to produce output. An isoquant shows all possible combinations of two inputs that produce the same level of output.
Step 1: Understand the meaning of isoquant.
The word isoquant has two parts: \[ \text{Iso} = \text{same} \] \[ \text{Quant} = \text{quantity} \] So, isoquant means: \[ \text{same quantity of output} \]
Step 2: Apply the definition.
The question says: \[ \text{combinations of two inputs that produce the same level of output} \] This is exactly the definition of an isoquant.
Step 3: Eliminate other options.
Isocost shows combinations of inputs that cost the same amount. Indifference curve shows combinations of goods giving the same satisfaction to a consumer. Budget line shows combinations of goods that a consumer can buy with given income. So, these are not correct.
Step 4: Final conclusion.
Therefore, the correct answer is: \[ \boxed{\text{Isoquant}} \] Hence: \[ \boxed{\text{(C)}} \]
In production theory, a firm uses inputs such as labour and capital to produce output. An isoquant shows all possible combinations of two inputs that produce the same level of output.
Step 1: Understand the meaning of isoquant.
The word isoquant has two parts: \[ \text{Iso} = \text{same} \] \[ \text{Quant} = \text{quantity} \] So, isoquant means: \[ \text{same quantity of output} \]
Step 2: Apply the definition.
The question says: \[ \text{combinations of two inputs that produce the same level of output} \] This is exactly the definition of an isoquant.
Step 3: Eliminate other options.
Isocost shows combinations of inputs that cost the same amount. Indifference curve shows combinations of goods giving the same satisfaction to a consumer. Budget line shows combinations of goods that a consumer can buy with given income. So, these are not correct.
Step 4: Final conclusion.
Therefore, the correct answer is: \[ \boxed{\text{Isoquant}} \] Hence: \[ \boxed{\text{(C)}} \]
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