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Question 25 for which good will marginal utility likely fall the fastest for additional units?

Question 25

for which good will marginal utility likely fall the fastest for additional units?


today's newspaper

house decorations

a t-shirt


Question 26

what is the marginal physical product of labor? (marginal product)

the additional profit earned by adding one more worker

the additional output from adding one more worker

the additional labor needed to produce a given output

the additional cost of adding one more worker


Question 27

What is a short run question for a business firm?

how should the firm schedule workers?

should the firm change the products it offers?

should the firm move to a new location?

should the firm install new equipment?


Question 28

the marginal cost curve intersects the average total cost curve

where average total cost equals average variable cost

where the marginal cost is maximized

at the minimum of the marginal cost

at the minimum of the average total cost


Question 29

if cost per unit is rising with larger plant size, in the long run average cost curve

we are in the positive returns to scale

we are in the diseconomies of scale

we are in the economies of scale

we are in the constant returns to scale


Question 30

 If MPL/PL > MPK/PK, a profit-maximizing firm should

(MPL is marginal product of labor, MPK is marginal product of capital, PL is price of labor, PK is price of capital)

use more capital

decrease the output level

use more labor

increase the output level


Question 31

if Productivity rises

marginal product falls

cost per unit rises

prices will rise

cost per unit falls


Question 32

For a perfectly competitive firm, if the minimum average total cost is $50 and the minimum average variable cost is $30, if the selling price is $43, the firm

should close permanently

makes a loss but stays open

should temporarily close

should close until the price goes above $50


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