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. |
|
View all MCQs in
Economics (GK)No comments yet