A firm's _______ summarizes all of its possible methods of producing its output.
A) production technology
B) efficient production frontier
C) production function
D) production possibilities curve

Question

Quizplus · Accepted Answer

A firm's production technology refers to the methods and processes that it can use to produce its output. It includes the equipment, labor, and materials required as well as the production techniques and methods. The other options listed (efficient production frontier, production function, and production possibilities curve) refer to specific graphical representations or concepts related to a firm's production possibilities or efficiency, but do not encompass all possible methods of production.

A Firm's _______ Summarizes All of Its Possible Methods of Producing