The production function describes the maximum amount of a product that a firm can produce with any combination of inputs using existing technology.

Name: The production function describes the maximum amount of a product that a firm can produce with any combination of inputs using existing technology.
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Quizplus · Accepted Answer

This is a true statement that accurately describes the concept of a production function. It shows the maximum output that can be achieved with a given set of inputs and existing technology.

The Production Function Describes the Maximum Amount of a Product