In the above figure, if D2 is the original demand curve and the price of a substitute in consumption rises, which price and quantity might result?
A) point a, with price P2 and quantity Q2
B) point b, with price P1 and quantity Q1
C) point c, with price P3 and quantity Q3
D) point d, with price P1 and quantity Q3
Question 2
The figure above shows depicts the marginal revenue and costs of a perfectly competitive firm. When 170 units are produced, the firm
A) would definitely shut down.
B) would incur an economic loss.
C) would increase its price.
D) has total costs less than 2,720.
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Apollo Belvedere (detail), Roman copy after a 4th-century BCE Greek original.
Apoxyomenos (The Scraper), Roman copy of an original Greek bronze by Lysippus.
How to create a price index to calculate inflation for a basket of goods
The growing demand for electrical power, carbon sequestration and storage must be a priority
Figure and Ground