McqMate
| Q. |
Production Function relates to: |
| A. | costs to outputs |
| B. | costs to inputs |
| C. | inputs to outputs |
| D. | wage level to profits |
| Answer» C. inputs to outputs | |
|
Explanation: In microeconomics and macroeconomics, a production function is a function that specifies the out-put of a firm, an industry, or an entire economy for all combinations of inputs. 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