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Author Question: Joe consumes pizza and movies. Pizza and movies are substitutes. According to marginal utility ... (Read 108 times)

WWatsford

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on: Jun 29, 2018
Joe consumes pizza and movies. Pizza and movies are substitutes. According to marginal utility theory, if the price of a pizza rises then
 
  A) the demand curve for pizza shifts leftward.
  B) the demand curve for pizza shifts leftward and the demand curve for movies shifts rightward.
  C) there is an upward movement along the demand curve for pizza.
  D) there is an upward movement along the demand curve for pizza and the demand curve for movies shifts rightward.

Question 2

The figure above shows a perfectly competitive firm. The figure shows a firm
 
  A) in the short run.
  B) in the long run.
  C) at its shutdown point.
  D) Both answers A and C are correct.


Bsand8

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

D

Answer to Question 2

A


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