A production function represents the:
A. relative values of the inputs and modes of production.
B. relative costs of the inputs across various modes of production.
C. relationship between the quantity of inputs and the quantity of outputs.
D. relationship between the cost of the inputs and the revenue generated by the outputs.
C. relationship between the quantity of inputs and the quantity of outputs.
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The above table shows the market shares for all the landscaping services in a suburban area. A merger between firms E and F would
A) raise the four-firm concentration ratio. B) have no effect on the four-firm concentration ratio. C) lower the four-firm concentration ratio. D) create a monopoly.
________ occurs when economic benefits are distributed fairly
A) Productive efficiency B) Equality C) Allocative efficiency D) Equity