Author Question: In the above figure, if D2 is the original demand curve and the price of a substitute in consumption ... (Read 32 times)

maychende

  • Hero Member
  • *****
  • Posts: 556
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.



zogaridan

  • Sr. Member
  • ****
  • Posts: 328
Answer to Question 1

C

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

For a complete list of videos, visit our video library