This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Michael consumes only steak and lobster. Suppose that the price of steak rises. After Michael is ... (Read 226 times)

ts19998

  • Hero Member
  • *****
  • Posts: 531
on: Jun 29, 2018
Michael consumes only steak and lobster. Suppose that the price of steak rises. After Michael is back at equilibrium, compared to the situation when steak was cheaper, the marginal utility from the last steak will
 
  A) have increased.
  B) not have changed.
  C) have decreased.
  D) not be comparable with the marginal utility before the price hike.

Question 2

In the long run, a perfectly competitive firm will exit a market when
 
  A) its total revenue is less than its total cost.
  B) its marginal revenue curve is below the minimum of its average total cost curve.
  C) the price is greater than the minimum of its average total cost curve.
  D) Both answers A and B are correct.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

batool

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

D


ts19998

  • Hero Member
  • *****
  • Posts: 531
Reply #2 on: Jun 29, 2018
Thank you :)


batool

  • Sr. Member
  • ****
  • Posts: 320
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Michael Sars Michael Sars
Lobster in a bucket looks like a gigantic monster on a metallic planet, and... Lobster in a bucket looks like a gigantic monster on a metallic planet, and...
A steady needle reading that rises 2 or 3 inches Hg when the engine speed is increased slightly ... A steady needle reading that rises 2 or 3 inches Hg when the engine speed is increased slightly ...
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed? The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?
If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ... If the price charged for a candy bar is p(x) cents, then x thousand candy bars will be sold in ...
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Hormonal feedback loop components

For a complete list of videos, visit our video library