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A production function shows:
a. the minimum output that can be produced with given inputs.
b. relation between the employment of inputs to the output.
c. output-cost relationships.
d. the profit maximizing level of output.
 
 

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Sonal Bahl
Sonal BahlLv10
4 Oct 2020

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Related questions

A production function describes how firms

A. combine capital, labor, and other inputs to create products.

B. determine the profit-maximizing quantity of output.

C. describe demand conditions in their markets.

An aggregate supply curve represents the relationship between the:

a. Price level and the production of real domestic output.

b. Price level and the buying of real domestic output.

c. Real domestic output bought and the real domestic output sold.

d. Price level that producers are willing to accept and the price level buyers are willing to pay.
 
A production function
Select one:
a. defines the average amount of output that can be produced with inputs such as capital and labor.
b. defines the minimum amount of output that can be produced with inputs such as capital and labor.
c. is determined only by the expenditures on R&D.
d. represents the technology available for turning inputs into output.

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