The above figure shows Jane's budget line and two of her indifference curves. If the price of a lobster dinner falls so that Jane can now purchase the combination represented by Point B, Jane would experience
A) an increase in the opportunity cost of a lobster dinner.
B) no change in her marginal rate of substitution.
C) an income and a substitution effect.
D) Both answers B and C are correct.
Question 2
A natural monopoly occurs when
A) one firm owns all the vital resources needed to produce a particular good.
B) economies of scale allow one firm to supply the entire market at the lowest possible cost.
C) a few firms collude to act as a single firm.
D) one firm captures all the consumer surplus.
John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d
The digital image of a fetus shows a well-developed head and a comparatively smaller body. At 7 ...
Inline fuel filters are usually attached to the fuel line with screw clamps or threaded ...
Figure and Ground
Right lateral view showing low normal curves of the vertebral column
Events in human fertilization. The light micrograph shows a fertilized human oocyte.