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Business, 28.11.2019 20:01 steven983

How does a change in the price of one input change the​ firm's long-run expansion​ path? if the price of an input​ changes, then the a. slope of the isocost lines will​ change, and the firm will substitute away from the relatively more expensive input​, pivoting the expansion path toward the axis of the relatively cheaper input. b. isoquants will shift in a parallel​ fashion, and the firm will substitute away from the relatively more expensive input​, pivoting the expansion path toward the axis of the relatively more expensive input. c. isocost lines will shift in a parallel​ fashion, and the firm will substitute away from both​ inputs, shifting the expansion path in a parallel fashion. d. slope of the isoquants will​ change, and the firm will substitute toward the relatively cheaper input​, pivoting the expansion path toward the axis of the relatively cheaper input.

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