Business, 06.07.2021 19:30, jaffeisabel

How does a change in the price of one input change the firm's long-run expansion path? If the price of an input changes, then the A. slope of the isocost lines will change, and the firm will substitute , pivoting the expansion path toward the axis of the relatively more expensive input. B. slope of the isoquants will change, and the firm will substitute , pivoting the expansion path toward the axis of the relatively input. C. isoquants will shift in a parallel fashion, and the firm will substitute , pivoting the expansion path toward the axis of the relatively input. D. slope of the isocost lines will change, and the firm will substitute , pivoting the expansion path toward the axis of the relatively cheaper input. E. isocost lines will shift in a parallel fashion, and the firm will substitute away from both inputs, shifting the expansion path in a parallel fashion.

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How does a change in the price of one input change the firm's long-run expansion path? If the pric...