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Question 25 5 pts for which good will marginal utility likely fall the fastest for additional units?

Question 25

5 pts

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


today's newspaper

house decorations

a t-shirt

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Question 26

5 pts

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

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Question 27

5 pts

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?

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Question 28

5 pts

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

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Question 29

5 pts

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

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Question 30

5 pts

 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

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Question 31

5 pts

if Productivity rises

marginal product falls

cost per unit rises

prices will rise

cost per unit falls

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Question 32

5 pts

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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Question 33

5 pts

a hair styling salon is closest to which type of market?

monopolistic competition


perfect competition


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Question 34

5 pts

what does an economic profit of zero mean?

the firm is earning equal to its alternative earnings

the firm is earning at the shut down level

the firm is earning zero dollars

all the firms in the market are earning the same amount

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Question 35

5 pts

in perfect competition, why is marginal revenue equal to price?

actually, marginal revenue is less than price for the firm

because the elasticity of demand is equal to negative one

because the firm receives the market price for each sale

because as the firm makes more sales, it must charge a lower price

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Question 36

5 pts

which is NOT a barrier to entry into a market

economies of scale

government restrictions on entry

the ability to set price for its products

restricted ownership of resources

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