This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Michael consumes only steak and lobster. Suppose that the price of steak rises. After Michael is ... (Read 230 times)

ts19998

  • Hero Member
  • *****
  • Posts: 531
on: Jun 29, 2018
Michael consumes only steak and lobster. Suppose that the price of steak rises. After Michael is back at equilibrium, compared to the situation when steak was cheaper, the marginal utility from the last steak will
 
  A) have increased.
  B) not have changed.
  C) have decreased.
  D) not be comparable with the marginal utility before the price hike.

Question 2

In the long run, a perfectly competitive firm will exit a market when
 
  A) its total revenue is less than its total cost.
  B) its marginal revenue curve is below the minimum of its average total cost curve.
  C) the price is greater than the minimum of its average total cost curve.
  D) Both answers A and B are correct.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

batool

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

D


ts19998

  • Hero Member
  • *****
  • Posts: 531
Reply #2 on: Jun 29, 2018
Thank you :)


batool

  • Sr. Member
  • ****
  • Posts: 320
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Anxiety rises as needs are not met. Without resolution, anxiety may lead to frustration, and then, ... Anxiety rises as needs are not met. Without resolution, anxiety may lead to frustration, and then, ...
A needle that drops to near zero when the engine is accelerated rapidly and then rises slightly to ... A needle that drops to near zero when the engine is accelerated rapidly and then rises slightly to ...
Price of Computers, 1982–2010 Price of Computers, 1982–2010
Steak fries Steak fries
Blade Steak Blade Steak
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: HIV replication/ Replication cycle of HIV

For a complete list of videos, visit our video library