« previous next »

Author Question: Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of ... (Read 284 times)

nmorano1

  • Hero Member
  • *****
  • Posts: 598
on: Jun 29, 2018
Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of magazines and CDs do not change. Marginal utility theory predicts that Lucy will ________.
 
  A) buy fewer magazines and fewer CDs
  B) substitute magazines for CDs
  C) increase her marginal utility from both magazines and CDs by buying more magazines and CDs
  D) buy more magazines and more CDs

Question 2

The short-run market supply curve is
 
  A) the sum of the quantities supplied by all the firms.
  B) undefined because the number of firms is constant in the short run.
  C) vertical at the total level of output being produced by all firms.
  D) horizontal at the current market price.


xMRAZ

  • Sr. Member
  • ****
  • Posts: 363
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Worldwide Variations in Population and Income Levels Worldwide Variations in Population and Income Levels
Normal mammogram. Normal mammogram.
Changes in the bronchioles during an asthma attack: (a) Normal bronchiole. (b) The inflammatory ... Changes in the bronchioles during an asthma attack: (a) Normal bronchiole. (b) The inflammatory ...
Normal and enlarged tonsils. Normal and enlarged tonsils.
Ten Leading Causes of Death in High-Income Countries, 2008 Ten Leading Causes of Death in High-Income Countries, 2008
The Parade of World Income The Parade of World Income
Video: Requirements for nervous signals

For a complete list of videos, visit our video library