Author Question: If a firm decreases output when MR < MC, then: a. profit will equal zero. b. profit will ... (Read 57 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
If a firm decreases output when MR < MC, then:
 a. profit will equal zero.
  b. profit will increase.
  c. profit will decrease.
  d. profit will remain the same.
  e. the firm is minimizing losses.

Question 2

If John purchases 10 percent more compact discs when his income increases 5 percent, then:
 a. his total expenditure on compact discs will fall as his income increases.
  b. compact discs would be classified as an inferior good.
  c. compact discs would be price elastic.
  d. compact discs would be income inelastic.
  e. compact discs would be income elastic.



zhanghao

  • Sr. Member
  • ****
  • Posts: 316
Answer to Question 1

b

Answer to Question 2

e



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Did you know?

Medication errors are more common among seriously ill patients than with those with minor conditions.

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

For a complete list of videos, visit our video library