Economics · Production Theory
Given below are two statements regarding ridge lines in production theory: Statement I: Ridge lines define the boundary of the economic region of production in which substitution between two inputs is technically feasible. Statement II: Ridge lines are identified by locating points on various isoquants where the Marginal Rate of Technical Substitution (MRTS) is equal to zero or infinity. In the light of the above statements, choose the most appropriate answer:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement I and Statement II are correct
- 2Both Statement I and Statement II are incorrect
- 3Statement I is correct but Statement II is incorrect✓
- 4Statement I is incorrect but Statement II is correct
Correct answer
Statement I is correct but Statement II is incorrect
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