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Author Question: In the above figure, if D2 is the original demand curve and the price of a substitute in consumption ... (Read 14 times)

maychende

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on: Jun 29, 2018
In the above figure, if D2 is the original demand curve and the price of a substitute in consumption rises, which price and quantity might result?
 
  A) point a, with price P2 and quantity Q2
  B) point b, with price P1 and quantity Q1
  C) point c, with price P3 and quantity Q3
  D) point d, with price P1 and quantity Q3

Question 2

The figure above shows depicts the marginal revenue and costs of a perfectly competitive firm. When 170 units are produced, the firm
 
  A) would definitely shut down.
  B) would incur an economic loss.
  C) would increase its price.
  D) has total costs less than 2,720.


zogaridan

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


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