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Author Question: Consider a downward-sloping demand curve. When the price of a normal good decreases, the income and ... (Read 55 times)

jc611

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on: Jun 29, 2018
Consider a downward-sloping demand curve. When the price of a normal good decreases, the income and substitution effects
 
  A) work in the same direction to increase quantity demanded.
  B) work in the same direction to decrease quantity demanded.
  C) work in opposite directions and quantity demanded increases.
  D) work in opposite directions and quantity demanded decreases.

Question 2

Refer to Table 13-1. What is the marginal revenue of the 3rd unit?
 
  A) 6.50 B) 5.50 C) 1.83 D) 0.50
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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epscape

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

A

Answer to Question 2

B


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