Which of the following is true for the Clark-Wicksteed-Walras product exhaustion theorem
A. The assumption of a homogeneous production function is necessary.
B. It is an identity that holds for all values of the variables.
C. The assumption of a homogeneous production function is not necessary.
D. It is not an identity since it holds only for the values of the variables in the long-run equilibrium.
E. It holds for all types of production functions.
Choose the correct answer from the option given below:
1
A and B only
2
A and D only
3
B, C and E only
4
C, D and E only