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Author Question: Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of ... (Read 274 times)

nmorano1

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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

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

A

Answer to Question 2

A


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