The following three questions deal with the production function: Q = 1 . 2LO. 5KO. 7. Based on this production function, there is: a) Diminishing MPL. b) Diminishing MPK. C ) Both diminishing MPL and MPK. d) Increasing MPL. e ) Increasing MPK. f) Both increasing MPK and MPL. Based on this production function, you would expect your firm to be a: Perfectly competitive firm b) Monopolist c) Monopolistic competitive firm d) Duopolist If the combined coefficients changed from 1.2 to 0,9; a) Your answer to the first question (MPL and MPK question) would no longer be correct. Your answer to the second question would no longer be correct. Your answers to the first and second questions would no longer be correct, d) Your production costs would decrease