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JAMB Economics 2005 Question 28

Question 28

Theory of Production

The technical relationship between input combination and maximum attainable output is called

  1. A.a production function
  2. B.an indifference curve
  3. C.an isocost
  4. D.an isoquant
Show the answer and explanation

Answer: A (a production function)

Explanation

A production function shows the maximum output that can be produced from each combination of inputs.