Day: May 5, 2023

A firm’s long-run production function describes the relationship between….?

Select ONE answer:

1. the firm’s output and the quantities of factor inputs employed.
2. the firm’s long-run average cost of production and the level of output.
3. the firm’s long-run average cost of production and the quantities of factor inputs employed.
4. the prices of factor inputs and the quantities of factor inputs employed.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

1. Correct
2. Not correct
3. Not correct
4. Not correct

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