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 228 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?

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?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Beef Rib Eye Steak Beef Rib Eye Steak
T-Bone Steak T-Bone Steak
Let A ⊆ R and p ∈ A. Suppose A\{p}6= ∅. Prove that p is an isolated point of A if and ... Let A ⊆ R and p ∈ A. Suppose A\{p}6= ∅. Prove that p is an isolated point of A if and ...
Let f be a real function with domain R. Suppose that for each ǫ > 0, there is a continuous ... Let f be a real function with domain R. Suppose that for each ǫ > 0, there is a continuous ...
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.
Grilled Dominican fish steak Grilled Dominican fish steak
Video: Chemical Changes

For a complete list of videos, visit our video library