McqMate
| Q. |
Production function is the relationship between - |
| A. | Production and Profit |
| B. | Production and Prices |
| C. | Production and Production factors |
| D. | Production and Income |
| Answer» C. Production and Production factors | |
|
Explanation: In economics, a production function relates physical output of a production process to physical inputs or factors of production. The primary purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors. |
|
View all MCQs in
Economics (GK)No comments yet