1. The production function is the:
a) increase in the amount of output from an additional unit of labor
b) marginal product of an input times the price of output
c) relationship between the quantity of inputs and output
d)shift in labor demand caused by a change in the price of output
2. The higher the concentration ratio, the
a) more control an individual firm has to set prices
b) more competitive the industry
c) less competitive the industry
d) Both a and c are correct