Author Question: Tris owns the only auto repair shop on Lonely Island. Tris is a single-price monopoly, so Tris ... (Read 193 times)

bcretired · **on:** Jun 29, 2018

Tris owns the only auto repair shop on Lonely Island. Tris is a single-price monopoly, so Tris operates on the ________ part of the ________ curve.

A) elastic; supply
B) inelastic; supply
C) inelastic; demand
D) elastic; demand

Question 2

The above figure gives your budget line between CDs and magazines. If the price of a magazine increased, then the budget line

A) shifts outward and the slope does not change.
B) rotates inward with no change in the horizontal intercept.
C) rotates inward with no change in the vertical intercept.
D) rotates outward with no change in the vertical axis.