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Author Question: Imports ________ society's total surplus because of the ________ in price and ________ in ... (Read 56 times)

B

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on: Jun 29, 2018
Imports ________ society's total surplus because of the ________ in price and ________ in consumption.
 
  A) increase; rise; increase
  B) increase; rise; decrease
  C) decrease; fall; increase
  D) decrease; fall; decrease
  E) increase; fall; increase

Question 2

The cost of producing each bottle of a certain brand of shampoo is 0.25. If the market for shampoo is monopolistically competitive and demand for shampoo is inelastic, a manufacturer who charges 0.35 for each bottle will ________.
 
  A) shut down production in the short run
  B) exit the industry in the long run
  C) earn an economic profit of 0.10 per bottle
  D) earn a total revenue of 0.10 per bottle


onowka

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

E

Answer to Question 2

C


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