Which one of the following statements is the best definition of production function?
A. The relationship between market price and quantity supplied.
B. The relationship between the firm’s total revenue and the cost of production.
C. The relationship between the quantities of inputs needed to produce a given level of output.
D. The relationship between the quantity of inputs and the firm’s marginal cost of production.
Answer:C
Which one of the following statements is the best definition of production function?
A. The relationship between market price and quantity supplied. B. The relationship between the firm’s total revenue and the cost of production. C. The relationship between the quantities of inputs needed to produce a given level of output. D. The relationship between the quantity of inputs and the firm’s marginal cost of production.