A production function is a function the describes the __________ amouint of _________ a producer can produce given a certain level of _________.
A) minimum, output, inputs
B) maximum, input, outputs
C) maximum, output, inputs

Question

Quizplus · Accepted Answer

A production function describes the maximum amount of output a producer can produce given a certain level of inputs. Option A is incorrect because it implies that there is a minimum level of output, which is not necessarily the case. Option B is incorrect because it flips the roles of inputs and outputs in the definition of a production function.

A Production Function Is a Function the Describes the __________