Production function of a firm gives ____

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Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Production and Costs

Question:

Production function of a firm gives _________ quantity of output produced for the ___ quantity of inputs.

Options:

Maximum, given

Given, maximum

Maximum, maximum

Given, given

Correct Answer:

Maximum, given

Explanation:

For various quantities of inputs used, it gives the maximum quantity of output that can be produced.