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Identify the correct pair of terms and definitions from the following Columns I and II:
Column I :
1. Production Function
2. Short Run Production Function
3. Long Run Production Function
4. Long Run Production Function
Column II:
(a) Shows the functional relation between physical inputs and physical output of a good.
(b) All the factors of production are variable.
(c) One factor of production is variable and all others are fixed
(d) Addition to utility
1 - (a)
2- (b)
3-(c)
4-(d)
Option (1) is correct. Explanation: Production function can be defined as the functional relationship between physical inputs and physical output of a good.
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