« previous next »

Author Question: Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of ... (Read 286 times)

nmorano1

  • Hero Member
  • *****
  • Posts: 598
on: Jun 29, 2018
Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of magazines and CDs do not change. Marginal utility theory predicts that Lucy will ________.
 
  A) buy fewer magazines and fewer CDs
  B) substitute magazines for CDs
  C) increase her marginal utility from both magazines and CDs by buying more magazines and CDs
  D) buy more magazines and more CDs

Question 2

The short-run market supply curve is
 
  A) the sum of the quantities supplied by all the firms.
  B) undefined because the number of firms is constant in the short run.
  C) vertical at the total level of output being produced by all firms.
  D) horizontal at the current market price.


xMRAZ

  • Sr. Member
  • ****
  • Posts: 363
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The term bacteria was devised in the 19th century by German biologist Ferdinand Cohn. He based it on the Greek word "bakterion" meaning a small rod or staff. Cohn is considered to be the father of modern bacteriology.

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?

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?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Normal Ear Alignment Normal Ear Alignment
Blood glucose measurement. A postprandial test may be self-administered. (a) A lance pierces the ski Blood glucose measurement. A postprandial test may be self-administered. (a) A lance pierces the ski
The More Things Change, The More They Say the Same: Dividing the Nation's Income The More Things Change, The More They Say the Same: Dividing the Nation's Income
Ecosystem goods and services and monetary values Ecosystem goods and services and monetary values
Capital’s Share of Income in a Cross-Section of Countries Capital’s Share of Income in a Cross-Section of Countries
The normal cell cycle and each of its growth phases The normal cell cycle and each of its growth phases
Video: Graded potentials - electrical characteristics and types

For a complete list of videos, visit our video library