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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
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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.

User Roberto Langarica
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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.

User Michael Szczepaniak
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