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Author Question: You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is ... (Read 336 times)

james9437

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on: Jun 29, 2018
You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster.
 
  Indicate whether the statement is true or false

Question 2

If a monopsony paid its workers a wage equal to their value of marginal product, it would be maximizing its profit.
 
  Indicate whether the statement is true or false


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cswans24

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

TRUE

Answer to Question 2

FALSE


james9437

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


cswans24

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


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