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1) Production functions describe what is technically feasible when the firm operates efficiently. 2) Production function shows the least cost method of producing a given

1) Production functions describe what is technically feasible when the firm operates efficiently. 2) Production function shows the least cost method of producing a given level of output. a) both 1 and 2 are true b)1 is true and 2 is false C) 1 is false and 2 is true d) both 1 and 2 are false

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