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Author Question: Which of the following is held constant along an indifference curve? A) the prices of the goods ... (Read 41 times)

clmills979

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on: Jun 29, 2018
Which of the following is held constant along an indifference curve?
 
  A) the prices of the goods in question
  B) the total utility derived from consuming any bundle of goods on the indifference curve
  C) the marginal rate of substitution between the two goods in question
  D) the marginal utility derived from consuming any bundle of goods on the indifference curve

Question 2

Suppose that a perfectly competitive industry becomes a monopoly. What effect will this have on consumer surplus, producer surplus, and deadweight loss?
 
  What will be an ideal response?
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mjenn52

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

B

Answer to Question 2

If a perfectly competitive industry is monopolized, consumer surplus will decrease, producer surplus will increase, and there will be a deadweight loss.


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clmills979

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Reply #2 on: Jun 29, 2018
Thank you :)


mjenn52

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Reply #3 on: Jun 29, 2018
Happy to help you


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