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Define production function. Distinguish ...

Define production function. Distinguish between short run and long run production functions.

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Knowledge Check

  • in the long run

    A
    permanently
    B
    universally
    C
    occasionally
    D
    ultimately
  • Production function expresses :

    A
    A) technological relationship between physical inputs and output
    B
    B) financial relationship between physical inputs and output
    C
    C) relationship between finance and technology
    D
    D) relationship between factors of production
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