A Production Function Describes

question 181

Multiple Choice

A production function describes

• A)how a firm maximizes profits.
• B)how a firm turns inputs into output.
• C)the minimal cost of producing a given level of output.
• D)the relationship between cost and output.

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Definitions:

Neurological

Pertaining to the nervous system, including the brain, spinal cord, and nerves throughout the body.

Plural

Refers to the form of a word that is used to denote more than one person, thing, idea, etc.

Singular

Unique or being the only one of its kind; can also refer to a grammatical term denoting a single item or entity.

Plural

The version of a word that indicates it refers to multiple instances.