Which of the Following Most Directly Reflects the Law of Diminishing

question 121

Multiple Choice

Which of the following most directly reflects the law of diminishing marginal utility?

• A) After watching two football games, Terry decides to watch a third game.
• B) A sports fan enjoys watching Monday night football rather than going to the theater.
• C) After listening to three compact discs, Kim decides to go bowling rather than listen to a fourth disc.
• D) A musician receives the biggest ovation of the evening after playing the final number of a recital.

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Definitions:

Total Product Curve

A curve that shows the relationship between the quantity of inputs used in production and the quantity of output from production.

Marginal Product Curve

A graph that illustrates the change in output when an additional unit of input is added, holding all other inputs constant.

Production Function

Describes the relationship between inputs used in production and the resulting output.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.