The equilibrium point of a firm is attained at the point ...
The equilibrium point of a firm is attained at the point where the isoquant is
Greater than the isocost
Less than the isocost
Tangent to the isocost
Greater than the output
Correct answer is C
The firm is in equilibrium at the point where the isoquant curve is tangent to the iso-cost line. At this point, the firm is maximising its output level by employing the optimal combination of capital and labour.
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