The French Bakery ran a special which decreased the price of its croissants from 1.50 to 1.00. Although her money income had not changed, Toni decided to buy 2 croissants instead of her usual 1 bagel and 1 croissant.
Toni's actions are explained by which of the following?
A) income and substitution effects
B) price effect
C) consumption effect
D) income effect only or substitution effect only but not both effects
Question 2
As a firm hires more labor in the short run, the
A) extra output of another worker may rise at first, but eventually must fall.
B) costs of production are increasing at a fixed rate per unit of output.
C) level of total product stays constant.
D) output per worker rises.
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