« previous next »

Author Question: The above figure shows Jane's budget line and two of her indifference curves. If the price of a ... (Read 63 times)

stephzh

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
The above figure shows Jane's budget line and two of her indifference curves. If the price of a lobster dinner falls so that Jane can now purchase the combination represented by Point B, Jane would experience
 
  A) an increase in the opportunity cost of a lobster dinner.
  B) no change in her marginal rate of substitution.
  C) an income and a substitution effect.
  D) Both answers B and C are correct.

Question 2

A natural monopoly occurs when
 
  A) one firm owns all the vital resources needed to produce a particular good.
  B) economies of scale allow one firm to supply the entire market at the lowest possible cost.
  C) a few firms collude to act as a single firm.
  D) one firm captures all the consumer surplus.


rleezy04

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

stephzh

  • Hero Member
  • *****
  • Posts: 556
Reply #2 on: Jun 29, 2018
Correct answers!


rleezy04

  • Sr. Member
  • ****
  • Posts: 322
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

(A) Figure illustrating the location and appearance of a peptic ulcer in both the stomach and the du (A) Figure illustrating the location and appearance of a peptic ulcer in both the stomach and the du
John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d
Adult neurogenesis. The top panel shows new cells in the dentate gyrus of the hippocampus—the cell ... Adult neurogenesis. The top panel shows new cells in the dentate gyrus of the hippocampus—the cell ...
OraQuick. A negative result would show a red line at the "C" mark, whereas a positive ... OraQuick. A negative result would show a red line at the "C" mark, whereas a positive ...
The energy budget The energy budget
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ... Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
Video: Properties of water -structure of water and polarity (Ionized and polar compounds)

For a complete list of videos, visit our video library