Which of the following statements is not true about the production function?
A) It gives the maximum output that can be obtained for a given level of inputs.
B) A new production function does not have to be developed when there is technical progress since technology is included in the function.
C) The production function depends upon the level of technology available to the firm.
D) It specifies the cost of inputs necessary to produce a certain level of outputs.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is not true about the production function?
A) It gives the maximum output that can be obtained for a given level of inputs.
B) A new production function does not have to be developed when there is technical progress since technology is included in the function.
C) The production function depends upon the level of technology available to the firm.
D) It specifies the cost of inputs necessary to produce a certain level of outputs.

Which of the Following Statements Is Not True About the Production