The law of diminishing returns indicates that:

The law of diminishing returns indicates that:

Question 5 of 20

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4.45 Points

The law of diminishing returns indicates that:

A.as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point.

B.because of economies and diseconomies of scale a competitive firm’s long-run average total cost curve will be U-shaped.

C.the demand for goods produced by purely competitive industries is downsloping.

D.beyond some point the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction.

Feedback: See page 204.

Question 6 of 20

4.45 Points

If average total cost is declining, then:

A.marginal cost must be greater than average total cost.

B.the average fixed cost curve must lie above the average variable cost curve.

C.marginal cost must be less than average total cost.

D.total cost must also be declining.

Feedback: See page 208.

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