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AGAB 54 HW CHAPTER 5 5-1. Most inputs in production processes can be: A. substituted for each other, perfectly not substituted for each other not enough information to know substituted for each other, but not perfectly 5-2. Perfect substitutes in production have: A. L-shaped isoquants B. straight-line isoquants curved isoquants substitutes in production do not have isoquants 5-3. The cost minimizing combination of inputs can be found at: A. the tangency point of the isoquant and the isocost line. B. the tangency point of the isoquant and the horizontal axis C. the tangency point of the isoquant and the vertical axis D. not enough information to know 5-4. Perfect complements are: A. used either/or in production B, not used in production C. used together in production D. nice things to say to another person 5-5. An isoquant is defined in economics as a line indicating all combinations of two varia inputs that will produce: A. the same level of output B. the same level of input C. an increasing level of output D. an increasing level of input 5-6. If an isoquant intersects an isocost line at two points, a manager can surmise that: A. there is a lower isocost line where the isoquant will intersect at only one point B. no least cost combination is possible C. there are two choices of least-cost input combinations D. none of the other three answers 5-7. Agricultural firms will adjust the level of input use based on: A. changes in relative prices B. changes in the absolute prices C. increases in general inflation