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Which one of the following statements is...

Which one of the following statements is the best definition of production function?

A

1.The relationship between market price and quantity supplied.

B

2.The relationship between the firm's total revenue and the cost of production.

C

3.The relationship between the quantities of inputs needed to produce a given level of output.

D

4.The relationship between the quantity of inputs and the firm's marginal cost of production.

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The correct Answer is:
c
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  2. To economists, the main difference between short run and long run is t...

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  3. Which one of the following statements is the best definition of produc...

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  6. The average product of labour is maximized when marginal product of la...

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  8. Average product is defined as:

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  10. Marginal product, mathematically, is the slope of the

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  12. Differentiate , between Short Period and Long Period.

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  18. What is the behaviour of TP, when (i) MP rises (ii) MP falls, but...

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