Photosynthesis production of oxygen
No — there are both theoretical limitations and experimentally proven ones. 

Chemistry in cells is subject to the same laws as chemistry in general. For photosynthesis to take place, certain molecules (e.g. ADP and NADP+) have to be present to transport the energy harvested to the place where carbohydrates are synthesized from this energy. The transport rate of molecules is limited by the rate of diffusion (see Brownian motion) within a fluid at roughly room temperature (where photosynthesis takes place). This limits the amount of energy that can be processed within a defined volume of plant tissue. 

There are further limiting issues. Above certain light intensities, some parts of the plant cell suffer heating and destructive effects, which also limit photosynthesis. 

See an abstract on this topic

There are also measured limits. Most plants with leaves exhibit stagnant photosynthesis rates at light with $$600 \frac{μmol}{m^2 \cdot s} $$
or higher.