Home » 1-One reason that variable factors of production tend to show diminishing returns in the short run is that: -large firms cannot effectively manage…

1-One reason that variable factors of production tend to show diminishing returns in the short run is that: -large firms cannot effectively manage…

1-One reason that variable factors of production tend to show diminishing returns in the short run is that: 

-large firms cannot effectively manage their resources.

-the cost of employing additional resources increases as firms employ more of thsoe resources.

-capital equipment is often idel in the short run.

-there is only so much that can be produced using additional variable inputs when some factors of production are fixed.

2-Suppose that at your current consumption of two goods, a & b, that your MUa/Pa = 25 utils/dollar  and your MUb/Pb = 20 utils/dollar.  In order to maximize your utility you should: 

-Consume more of good a than you do of good b

-Decrease the amount of a and increase the amount of b

-Increase the amount of a and decrease the amount of b

-Consume less of good a than you do of good b

-Change nothing as you are maximazing your utility already

3-When the price of a good rises, marginal utility per dollar spent on that good _______, leading consumers to purchase ______ of that good.  

-rises: more

-falls; more

-falls; less

-rises; les

4-According to the Law Of Diminishing Utility: 

-you should never consume more of something if your maginalutility is decreasing.

-as you consume less of something, your total utility will decrease. 

-as you consume less of something, your marginal utility from consuming that good will increase. 

-if your total utility is increasing as you consume more of something, then your marginal utility must be increasing as well.

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