The production function is the
A)increase in the amount of output from an additional unit of labor.
B)marginal product of an input times the price of output.
C)relationship between the quantity of inputs and output.
D)shift in labor demand caused by a change in the price of output.

Question

Quizplus · Accepted Answer

The production function is a mathematical equation or formula that represents the relationship between the quantity of inputs and the quantity of outputs that result from those inputs. It shows how much output can be produced with a given set of inputs, and how much additional output can be obtained by adding more inputs. Therefore, the correct answer is C, as it directly describes the relationship between inputs and output.

The Production Function Is the