Which of the following statements is (are) true?
i. if labor and capital are perfect substitutes in production, the isoquant is a straight, downward-sloping line.
ii. if a company needs to use inputs in fixed proportion such that the capital to labor ratio is always 2, the firm's isoquants are l-shaped.
iii. if the production function is given by q = min(14, 7), the firm can produce, at minimum, 21 units of output.

a. iii
b. i and ii
c. i
d. i, ii, and iii

Adamson company manufactures four lines of garden tools. as a result of an activity analysis, the accounting department has identified eight activity cost pools. each of the product lines is produced in large batches, with the whole plant devoted to one product at a time. classify each of the following activities or costs as either unit-level, batch-level, product-level, or facility-level. activities (a) machining parts. (b) product design. (c) plant maintenance. (d) machine setup. (e) assembling parts. (f) purchasing raw materials. (g) property taxes. (h) painting.