A production function is a technological relationship between:
A) factor prices and the marginal product of factors.
B) factors of production and factor prices.
C) factors of production and the quantity of output produced.
D) factor prices and the quantity of output produced.

Question

Quizplus · Accepted Answer

A production function is a relationship between inputs or factors of production and the quantity of output that can be produced. It provides information about the maximum amount of output that can be produced with a given set of inputs. The production function does not take into account the prices of the inputs or the output produced.

A Production Function Is a Technological Relationship Between