If the cross-elasticity of demand for bacon with respect to price of beefsteak is positive, then:
a. an increase in the price of beefsteak will shift the demand curve for bacon outward.
b. a decrease in the price of beefsteak will shift the demand curve for beefsteak outward.
c. an increase in the price of bacon will shift the demand curve for beefsteak inward.
d. a decrease in the price of bacon will shift the demand curve for beefsteak outward.
Question 2
A zero economic profit is not a bad thing because:
a. it is a situation in which the owners, or shareholders, of a firm could not do better elsewhere.
b. it is a situation in which the resources of a firm are always optimally utilized.
c. it means that a firm is paying an interest rate that is below the market rate.
d. it means that stock prices will not fall.
e. it means that investors are better off in the current venture than they would be in any other investment.
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