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Identify the correct pair of terms and definitions from the following Columns I and II:
  • a)
    A–1
  • b)
    B–2
  • c)
    C–3
  • d)
    D–4
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Identify the correct pair of terms and definitions from the following...
A. Production Function: Production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.
B. Short Run Production Function: The short-run production function defines the relationship between one variable factor (keeping all other factors fixed) and the output.
C. Long Run Production Function: Long run production function refers to that time period in which all the inputs of the firm are variable. It can operate at various activity levels because the firm can change and adjust all the factors of production and level of output produced according to the business environment.
D. Long Run Production Function: Long run production function refers to that time period in which all the inputs of the firm are variable. It can operate at various activity levels because the firm can change and adjust all the factors of production and level of output produced according to the business environment.
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Identify the correct pair of terms and definitions from the following Columns I and II:a)A–1b)B–2c)C–3d)D–4Correct answer is option 'A'. Can you explain this answer?
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