A production function is a technological relationship between:
A)factor prices and the marginal product of
B)factors. 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 shows the relationship between the inputs (factors of production) used in producing a good or service and the quantity of output that is produced. In other words, it shows the maximum amount of output that can be produced from a given set of inputs. The function does not include prices of factors of production or the marginal product of factors.

A Production Function Is a Technological Relationship Between