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Author Question: New reports indicate that eating turnips helps people remain healthy. The news shifts the demand ... (Read 33 times)

schs14

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on: Jun 29, 2018
New reports indicate that eating turnips helps people remain healthy. The news shifts the demand curve for turnips rightward. In response, new farms enter the turnip industry.
 
  During the period in which the new farms are entering, the price of a turnip ________ and the economic profit of each existing firm ________. A) rises; rises
  B) rises; falls
  C) falls; rises
  D) falls; falls

Question 2

If the marginal social benefit of ice cream curve shifts rightward because people now like ice cream better than before, the marginal social cost curve of ice cream will shift leftward.
 
  Indicate whether the statement is true or false


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fromAlphatoOmega22

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

D

Answer to Question 2

FALSE


schs14

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

alexanderhamilton

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Reply 3 on: Yesterday
Gracias!

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