Changes in production functions are associated with changes in
A) the level of output.
B) demand.
C) the levels of costs.
D) technology.

Question

Quizplus · Accepted Answer

Changes in production functions are primarily associated with changes in technology, such as new machinery, tools or processes. This can lead to improvements in productivity and efficiency, but may also result in changes to the level of output and costs. Demand may also influence changes in production, but it is not directly associated with changes in production functions.

Changes in Production Functions Are Associated with Changes in