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Author Question: In an indifference curve/budget line diagram, generally when the price of a good increases, the ... (Read 45 times)

hubes95

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on: Jun 29, 2018
In an indifference curve/budget line diagram, generally when the price of a good increases, the consumer purchases ________ of the good and moves to a ________ indifference curve.
 
  A) less; lower
  B) less; higher
  C) more; lower
  D) more; higher

Question 2

In a perfectly competitive market that is in long-run equilibrium, which of the following will NOT occur?
 
  A) Firms make only zero economic profit.
  B) Firms' owners earn a normal profit.
  C) The price equals the minimum average total cost.
  D) Entrepreneurs want to enter this industry.


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Anonymous

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

D


hubes95

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

FergA

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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