| The firm’s production function is the relationship between the ________ and ________. A.possible range of maximum output; the quantity of variable inputs B.output produced; the quantities of all inputs C.maximum output attainable; the quantity of variable inputs D.maximum output attainable; the quantities of both labor and capital |
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| D.maximum output attainable; the quantities of both labor and capital Explanation The production function is a component of both the maximum output that can be produced by a firm, and the total input in terms of labor and capital. This function is used by firms to determine the amount of output that can be produced by a combination of inputs given the price of capital and labor. |
