« previous next »

Author Question: The above figure shows Jane's budget line and two of her indifference curves. If the price of a ... (Read 127 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?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Based on this figure, what pathway is used during urinary catheterization, in which a tube is ... Based on this figure, what pathway is used during urinary catheterization, in which a tube is ...
Jane Addams (1860–1935), a recipient of the Nobel Prize for Peace, worked on behalf of poor ... Jane Addams (1860–1935), a recipient of the Nobel Prize for Peace, worked on behalf of poor ...
Monitoring shows that many forms of air pollution have decreased Monitoring shows that many forms of air pollution have decreased
The phenotypic and genotypic ratios of a dihybrid cross can be derived using a branched-line method The phenotypic and genotypic ratios of a dihybrid cross can be derived using a branched-line method
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ... Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ...
Video: Ventilation - phases and driving forces

For a complete list of videos, visit our video library