What does the slope of the isocost line of a firm mean?

a.marginal rate of substitution

b.profit

c.marginal rate of transformation

d.wage

Which of the following input is most likely to be variable in the short-run?

a.labor

b.land

c.technology

d.capital equipment

Cost of production that changes with the number of units produced

a.average cost

b.variable cost

c.fixed cost

d.marginal cost (MC)