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A conventionally shaped isoquant Select one: O a. changes its slope if there is a change in output prices. O b. shifts out if input prices decrease. O c. has constant returns to scale. O d. shows all combinations of input bundles that give a firm the same output level. Assume that the consumer's preferences satisfy the more-is-better assumption. When the consumer's income increases, given the same commodity prices, Select one: O a. she buys more of all goods. O b. it is possible that she can be made strictly worse off. O c. she is willing to pay more for the same quantity of goods. O d. she buys more of at least one good. Suppose that at output level Q* a firm's long run AC is the same as its short run ATC, then its long run MC is the same as its short run MC at Q*. Select one: O True O False If the value of the marginal product of labour exceeds the wage rate, then a profit-maximizing firm would want to hire less labour. Select one: O True O False