Scenario 7-1. An economy's production form takes the form Y = AF(L, K, H, N).
-Refer to Scenario 7-1. In the production function, which of the following represents technology?

Question

Quizplus · Accepted Answer

In the production function, A represents technology. It stands for the level of technology or technical knowledge available to the producers which impacts the efficiency of other factors of production like labor, capital, and natural resources.