Economics · Production Function
In the short-run production function, which one of the following statement is CORRECT?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Technology is assumed to be constant for a given production function relationship✓
- 2Technology is assumed to change positively until diminishing returns set in
- 3Technology is assumed to change as capital stock changes
- 4Technology is assumed to change as labour input changes
Correct answer
Technology is assumed to be constant for a given production function relationship
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