[Answered] You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is ...

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Author Question: You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is ... (Read 727 times)

james9437

Hero Member
Posts: 568

on: Jun 29, 2018

You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster.

Indicate whether the statement is true or false

Question 2

If a monopsony paid its workers a wage equal to their value of marginal product, it would be maximizing its profit.

Indicate whether the statement is true or false

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cswans24

Sr. Member
Posts: 317

Reply #1 on: Jun 29, 2018

Answer to Question 1

TRUE

Answer to Question 2

FALSE

james9437

Hero Member
Posts: 568

Reply #2 on: Jun 29, 2018

Thank you

cswans24

Sr. Member
Posts: 317

Reply #3 on: Jun 29, 2018

Happy to help you

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Author Question: You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is ... (Read 727 times)

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