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Author Question: The figure illustrates the demand for and supply for jeans. Suppose jeans are a normal good and ... (Read 110 times)

kodithompson

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on: Jun 29, 2018
The figure illustrates the demand for and supply for jeans. Suppose jeans are a normal good and people's incomes increase.
 
  At the initial price of 50 for a pair of jeans, after the increase in income the quantity demanded is ________ than the equilibrium quantity and there is a ________ of jeans. A) greater; surplus
  B) greater; shortage
  C) less; surplus
  D) less; shortage

Question 2

A firm with a fixed cost of 300 every month and variable cost of 200 every month decides to shut down. In such a situation it would lose:
 
  A) 200 every month.
  B) 300 every month.
  C) 500 every month.
  D) 0 every month.


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prumorgan

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

D

Answer to Question 2

B


kodithompson

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

olderstudent

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Reply 3 on: Yesterday
:D TYSM

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