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MyCalStateLA - Home CAL STATE LA Account Dashboard Courses aaa Calendar Inbox History Studio Help a calstatela.instructure.com Quiz: EXAM 2 (Chapters EXAM 2 (Chapters The law of diminishing returns indicates that: - Google Search Fall Semester 2023 Home Announcements Modules Quizzes Assignments Grades People Zoom Credentials Started: Nov 3 at 6:19pm Quiz Instructions 13 This is the second exam of the ECON 2010-01 - Principles of Microeconomics course of Fall 2023. The exam will be available between Wednesday, Nov. 1st, 8:00 AM and Friday, Nov. 3rd, 11:59 PM. The exam needs to be completed in one sitting. There are 19 multiple-choice and 3 essay-type questions in this exam. The time limit is 2 hours. You will have only one attempt to complete the exam. The essay-type questions will be manually graded by the instructor and the exam grade will be updated after all the questions are graded. If you encounter any technical issues, please, email the instructor: ahovhan7@calstatela.edu O Question 2 O Question 3 O Question 4 O Question 5 O Question 6 O Question 7 O Question 8 Time Running: Hide Time Attempt due: Nov 3 at 11:59pm 1 Hour, 57 Minutes, 18 Seconds D Question 1 The law of diminishing returns indicates that: 3 pts O O the demand for goods produced by purely competitive industries is downsloping. as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point. beyond some point, the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction. because of economies and diseconomies of scale, a competitive firm's long-run average total cost curve will be U- shaped