« previous next »

Author Question: Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of ... (Read 167 times)

nmorano1

  • Hero Member
  • *****
  • Posts: 598
on: Jun 29, 2018
Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of magazines and CDs do not change. Marginal utility theory predicts that Lucy will ________.
 
  A) buy fewer magazines and fewer CDs
  B) substitute magazines for CDs
  C) increase her marginal utility from both magazines and CDs by buying more magazines and CDs
  D) buy more magazines and more CDs

Question 2

The short-run market supply curve is
 
  A) the sum of the quantities supplied by all the firms.
  B) undefined because the number of firms is constant in the short run.
  C) vertical at the total level of output being produced by all firms.
  D) horizontal at the current market price.


xMRAZ

  • Sr. Member
  • ****
  • Posts: 363
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Glioma. (a) Illustration of a large glioma (colored area) within the left cerebral hemisphere in a s Glioma. (a) Illustration of a large glioma (colored area) within the left cerebral hemisphere in a s
Normal and sickle-cell hemoglobin. (a) Subtle differences between the conformations of hemoglobin A Normal and sickle-cell hemoglobin. (a) Subtle differences between the conformations of hemoglobin A
The risk of dying before the age of 65 gets lower as family income gets higher. The risk of dying before the age of 65 gets lower as family income gets higher.
Symporter protein in the loop of Henle: (a) normal reabsorption of inhibition of the Na+, K+, and ... Symporter protein in the loop of Henle: (a) normal reabsorption of inhibition of the Na+, K+, and ...
Effects of septal defects: (A) normal shunt; no cyanosis; (B) increased pressure in right ventricle; ... Effects of septal defects: (A) normal shunt; no cyanosis; (B) increased pressure in right ventricle; ...
Normal conduction pathway in the heart Normal conduction pathway in the heart
Video: ACTH/Cortisol (glycogenolysis, protein catabolism, lipolysis and gluconeogenesis)

For a complete list of videos, visit our video library