1. Production functions indicate the relationship between Select one: a. factor costs and output prices. b. factor inputs and the quantity of output. c. the value of inputs and average costs. d. factor inputs and factor prices
2. The production function Select one: a. shows the maximum level of output for a given set of inputs. b. is an economic relationship between revenue and cost. c. shows the relationship between input prices and amount of input used. d. always shows increasing marginal product of labor