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Question

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


A

Technology remains constant

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B

Both inputs and outputs are measured in monetary units

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C

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

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D

All units of the inputs are homogeneous

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Solution

The correct option is B

Both inputs and outputs are measured in monetary units


Inputs and outputs are not generally measured in monetary units.


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