ECN 104 Final Exam correctly answered
already passed
Marginal utility is
a) Is the extra output a firm obtains when it adds another unit of labor
b) Explains why product supply curves slope upward
c) Typically rises as successive units of a good are consumed
d) Is the extra satisfaction from the consumption of one more unit of some good
or service - correct answer ✔✔D
When marginal utility is zero in panel (b), total utility in panel (a) is
a) Also zero
b) Neither rising nor falling
c) Negative
d) Rising but at a declining rate - correct answer ✔✔B
, Suppose the person represented by these graphs experienced a diminished taste
for tacos. As a result the
a) TU curve would get steeper
b) MU curve would get flatter
c) TU and MU curves would shift downward
d) MU curve, but not the TU curve, would collapse to the horizontal axis - correct
answer ✔✔C
Which of the following is an assumption underlying these figures?
a) Firms first hire highly skilled workers and then hire less skilled workers.
b) Capital and labour are both variable, but labour increases more rapidly than
capital.
c) Consumers will buy all the output (total product) produced.
d) Workers are of equal quality. - correct answer ✔✔D
already passed
Marginal utility is
a) Is the extra output a firm obtains when it adds another unit of labor
b) Explains why product supply curves slope upward
c) Typically rises as successive units of a good are consumed
d) Is the extra satisfaction from the consumption of one more unit of some good
or service - correct answer ✔✔D
When marginal utility is zero in panel (b), total utility in panel (a) is
a) Also zero
b) Neither rising nor falling
c) Negative
d) Rising but at a declining rate - correct answer ✔✔B
, Suppose the person represented by these graphs experienced a diminished taste
for tacos. As a result the
a) TU curve would get steeper
b) MU curve would get flatter
c) TU and MU curves would shift downward
d) MU curve, but not the TU curve, would collapse to the horizontal axis - correct
answer ✔✔C
Which of the following is an assumption underlying these figures?
a) Firms first hire highly skilled workers and then hire less skilled workers.
b) Capital and labour are both variable, but labour increases more rapidly than
capital.
c) Consumers will buy all the output (total product) produced.
d) Workers are of equal quality. - correct answer ✔✔D
