The production function is a mathematical function that shows:
A) the most cost-efficient means of producing output.
B) the relationship between output and the factors of production.
C) how various inputs are produced.
D) the most efficient level of output produced in an economy.

Question

Quizplus · Accepted Answer

The production function is a mathematical representation of the relationship between inputs (factors of production) and the resulting output. It shows how much output can be produced with a given combination of inputs, and can also help determine the most efficient use of those inputs to produce output.

The Production Function Is a Mathematical Function That Shows