Author Question: Due to the law of diminishing marginal utility, _____. a. the first unit of a product offers more ... (Read 102 times)

leilurhhh · **on:** Jun 30, 2018

Due to the law of diminishing marginal utility, _____.
a. the first unit of a product offers more satisfaction than the last unit of the same product
b. the marginal utility curve is upward sloping
c. when marginal utility becomes negative, total utility increases
d. marginal utility is zero when total utility is zero
e. when marginal utility becomes positive, total utility declines

Question 2

Which of the following are variable costs of production?
a. the wages paid to non-salaried employees
b. the cost of wood used to produce furniture
c. the cost of electricity that powers the lighting and computer systems in an office building
d. All of the above are variable costs of production.