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 262 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?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
Bison Steak Bison Steak
Skirt Steak Skirt Steak
Steak and chicken breast Steak and chicken breast
Body plan of a lobster (Homarus americanus) Body plan of a lobster (Homarus americanus)
Dominican Steak with veggies Dominican Steak with veggies
Video: Glucose Evaluation Procedure

For a complete list of videos, visit our video library