Quiz 2 - Custom Scholars
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Quiz 2

question
A decrease in an effective price ceiling of a good will do which of the following to the marginal utility received from the last unit of the good consumed?

A. decrease
B. increase
C. not change
D. One cannot tell.
answer
B. increase
question
The demand for a good is exactly the same as the demand for a second good. What will be the likely total and marginal utilities if the supply of the first good is much greater than the supply of the second good?

The total utility gained from the first good will be ____________ than that for the second good. The marginal utility gained from the first good will be ____________ than that for the second good.

A. greater: greater
B. less; greater
C. greater; less
D. less; less
E. One cannot tell about one of the these.
answer
C. greater; less
question
Consider the relationship between marginal and average product of an input. As the input increases, the average product of that input increases. What is the relationship between average and marginal product?

A. average product is greater than marginal product
B. average product is less than marginal product
C. average product can be equal to marginal product
D. One cannot tell.
answer
B. average product is less than marginal product
question
If prices of a fixed input increase, what is likely to happen to average and marginal costs of the producing the good?

A. One cannot tell about the change in either the average or the marginal cost.
B. The average cost will not change; the marginal cost will increase.
C. The average cost will increase; the marginal cost will increase.
D. The average cost will not change; the marginal cost will not change.
E. The average cost will increase; the marginal cost will not change.
answer
E. The average cost will increase; the marginal cost will not change.
question
Explain why the marginal cost function is normally shaped like it is.
answer
Explain why the curve slopes upward. Explain how diminishing marginal returns work. Also, note that the optimal point for production is not necessarily the minimum of marginal cost.

Once the producer has reached the point of diminishing marginal returns, they get less and less additional output for each additional unit of input.

Thus, each unit of output requires more units of input (which are costs).
1 of 5
question
A decrease in an effective price ceiling of a good will do which of the following to the marginal utility received from the last unit of the good consumed?

A. decrease
B. increase
C. not change
D. One cannot tell.
answer
B. increase
question
The demand for a good is exactly the same as the demand for a second good. What will be the likely total and marginal utilities if the supply of the first good is much greater than the supply of the second good?

The total utility gained from the first good will be ____________ than that for the second good. The marginal utility gained from the first good will be ____________ than that for the second good.

A. greater: greater
B. less; greater
C. greater; less
D. less; less
E. One cannot tell about one of the these.
answer
C. greater; less
question
Consider the relationship between marginal and average product of an input. As the input increases, the average product of that input increases. What is the relationship between average and marginal product?

A. average product is greater than marginal product
B. average product is less than marginal product
C. average product can be equal to marginal product
D. One cannot tell.
answer
B. average product is less than marginal product
question
If prices of a fixed input increase, what is likely to happen to average and marginal costs of the producing the good?

A. One cannot tell about the change in either the average or the marginal cost.
B. The average cost will not change; the marginal cost will increase.
C. The average cost will increase; the marginal cost will increase.
D. The average cost will not change; the marginal cost will not change.
E. The average cost will increase; the marginal cost will not change.
answer
E. The average cost will increase; the marginal cost will not change.
question
Explain why the marginal cost function is normally shaped like it is.
answer
Explain why the curve slopes upward. Explain how diminishing marginal returns work. Also, note that the optimal point for production is not necessarily the minimum of marginal cost.

Once the producer has reached the point of diminishing marginal returns, they get less and less additional output for each additional unit of input.

Thus, each unit of output requires more units of input (which are costs).

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