Which of the following statements is/are true? All isoclines are expansion paths but all expansion paths are not isoclines. Short-run production funct...

SSC SSC CGL Tier 2 Medium Economic Scene MCQ

Question

Which of the following statements is/are true?

All isoclines are expansion paths but all expansion paths are not isoclines.
Short-run production functions involve adjusting all inputs, including fixed inputs like land or capital, to affect output.
Stock resources are those which are not utilized in one production period but can be stored for use in a later period.

Options

A.

Only statement 2

B.

Only statement 1

C.

Only statement 3

D.

Both statements 2 and 3

economicsproduction functionisoclinesexpansion pathstock resources

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