A production function shows the
A) maximum output that can be obtained from existing inputs
B) most profitable combination of outputs for a firm to produce
C) least profitable combination of outputs for a firm to produce
D) most expensive combination of inputs needed to produce a given output

Question

Quizplus · Accepted Answer

A production function represents the maximum output that can be achieved with a given set of inputs, under the assumption of efficient production processes.

A Production Function Shows the