Economics · Theory of Production
Which of the following statements is correct regarding the short-run production function?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Technology is considered to improve continuously until diminishing returns set in.
- 2Technology is assumed to change with changes in the capital stock.
- 3The state of technology for a given output is assumed to remain constant.✓
- 4Technology is assumed to change as the labor input changes.
Correct answer
The state of technology for a given output is assumed to remain constant.
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