uestion 11 (2 points) Which of the following statements is true with respect to
ID: 1233154 • Letter: U
Question
uestion 11 (2 points)Which of the following statements is true with respect to total utility and marginal utility?
Question 11 options:
1) Marginal utility always rises as total utility increases.
2) Marginal utility can decline as total utility rises.
3) Total utility is not related to marginal utility.
4) Total utility can decline while marginal utility rises.
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Question 12 (2 points)
Your allergies are bad this summer so your allergist writes you a prescription to relieve your symptoms. When you get to the pharmacy, you notice the name brand allergy medicine is more expensive than its generic equivalent. You purchase the generic equivalent and demonstrate all of the following EXCEPT
Question 12 options:
1) the principle of substitution of one product for another.
2) the principle of diminishing marginal utility.
3) when price decreases, the quantity demanded increases.
4) a price change may affect consumer optimum.
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Question 13 (2 points)
Economists generally define the short run as being
Question 13 options:
1) that period of time in which at least one of the firm's inputs, usually plant size, is fixed.
2) that period of time in which all inputs are variable.
3) any period of time less than one year.
4) any period of time less than six months.
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Question 14 (2 points)
In economics, how long is the long run?
Question 14 options:
1) More than 12 months
2) 24 months or longer
3) 5 years or more
4) Whatever time it takes a firm to vary all inputs
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Question 15 (2 points)
When El Torito Restaurant is deciding how many waiters to hire for a holiday weekend, it is making a ________ decision.
Question 15 options:
1) plant-size
2) long-run
3) short-run
4) fixed-input
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Question 16 (2 points)
Any activity that results in the conversion of resources into products that can be used in consumption is
Question 16 options:
1) planning.
2) investment.
3) production.
4) discounting.
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Question 17 (2 points)
Marginal physical product and average physical product are measured in
Question 17 options:
1) dollars.
2) profit terms.
3) units of production.
4) the same units as marginal cost and average total cost.
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Question 18 (2 points)
When total product is increasing at a decreasing rate, marginal product is
Question 18 options:
1) positive and increasing.
2) positive and decreasing.
3) constant.
4) negative.
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Question 19 (2 points)
Which of the following would NOT be considered a fixed cost of production?
Question 19 options:
1) Wages paid to labor
2) The opportunity cost of capital
3) Interest payments on a loan
4) Insurance payments on plant and equipment
Explanation / Answer
11. 2 12. 4 13. 1 14. 4 15. 3 16. 3 17. 4 18. 2 19. 3
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