The production function shows the volume of output that can be produced from given inputs.

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This statement is true. The production function is a mathematical relationship that shows the maximum amount of output that can be produced from a given set of inputs, such as labor, capital, and technology. It displays the relationship between inputs and the resulting output, often expressed in terms of a production function equation, which can be used to model and analyze production processes.

The Production Function Shows the Volume of Output That Can