The law of diminishing marginal utility states that total utility increases by smaller and smaller increments as more of a good is consumed

How does the leader's behavior in the quantity-leadership (Stackelberg) game compare to that in the analogous price-leadership game?

a. It behaves as a "puppy dog" in both. b. It behaves as a "top dog" in the quantity leadership game but a "puppy dog" in the price leadership game. c. It behaves as a "top dog" in the quantity leadership game but a "puppy dog" in the price leadership game. d. It behaves as a "top dog" in both.

If a firm is maximizing profit and the marginal revenue product of labor is $10 and the marginal revenue product of capital is $30, then

a. the marginal resource cost of labor is $3, and the marginal resource cost of capital is $0.33 b. the marginal resource cost of labor is $0.33, and the marginal resource cost of capital is $3 c. the marginal resource cost of labor equals the marginal resource cost of capital; both are $300 d. the marginal resource cost of labor is 1/3 of the marginal resource cost of capital e. we have no way of knowing the marginal resource cost of either labor or capital