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7 September, 04:45

Which of the following is not an assumption associated with the definition of a production function?

A. All units of the inputs are homogeneous.

B. Technology remains constant.

C. The function shows the maximum level of output possible with a given combination of inputs.

D. Both inputs and outputs are measured in monetary units.

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  1. 7 September, 08:30
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    Answer: Both inputs and outputs are measured in monetary units.

    Explanation: Production function according to Wikipedia is defined as the technological relation between quantities of physical inputs and quantities of output of goods.
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