McqMate
Q. |
Production function relates - |
A. | Cost to output |
B. | Cost to input |
C. | Wages to profit |
D. | Inputs to output |
Answer» D. Inputs to output | |
Explanation: Production function specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. The relationship of output to inputs is non-monetary; that is, a production function relates physical inputs to physical outputs, and prices and costs are not reflected in the function. |
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