What terms describe the relationship between different quantities of inputs consumed and the quantities of output produced?
A)budgeted costs or actual costs
B)production technology or production function
C)static budget or flexible budget
D)production technology or production setup

Question

Quizplus · Accepted Answer

Production technology or production function describes the relationship between inputs and outputs in a production process. It specifies how much output can be produced with a given set of inputs, and is a key concept in understanding how firms operate and make production decisions. Budgeted costs and actual costs (A) relate to the financial aspects of production, while static and flexible budgets (C) refer to different ways of planning and managing budgets. Production setup (D) is a more specific concept that refers to the physical arrangement and organization of the production process, rather than the relationship between inputs and outputs.

What Terms Describe the Relationship Between Different Quantities of Inputs