« previous next »

Author Question: Jason buys only music downloads and food with his weekly income. In response to a decrease in the ... (Read 71 times)

tsand2

  • Hero Member
  • *****
  • Posts: 520
on: Jun 30, 2018
Jason buys only music downloads and food with his weekly income. In response to a decrease in the price of downloads, he buys more downloads and less food. As a result, we would expect:
 a. the marginal utility of downloads to increase and the marginal utility of food to decrease.
  b. the marginal utility of both downloads and food to remain unchanged.
 c. the marginal utility of downloads to decrease and the marginal utility of food to increase.
  d. the marginal utility of food to become negative.

Question 2

If the resource market is perfectly competitive:
 a. the market demand for the resource is perfectly elastic.
  b. the market demand for the resource is perfectly inelastic.
  c. the suppliers can affect the input price by increasing or reducing their supply.
  d. the input price to each firm is constant.
  e. the supply of the resource is perfectly inelastic.


djofnc

  • Sr. Member
  • ****
  • Posts: 318
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Intelligence and music Intelligence and music
A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan
Selected Minerals: Food Sources, Functions, and Deficiency and Toxicity Symptoms (continued) Selected Minerals: Food Sources, Functions, and Deficiency and Toxicity Symptoms (continued)
Physiological Stress Response (cont.) Physiological Stress Response (cont.)
Mexican Food Mexican Food
Nick buys a $25 000, 5.4% bond with quarterly interest coupons, 3 years before maturity, to ... Nick buys a $25 000, 5.4% bond with quarterly interest coupons, 3 years before maturity, to ...
Video: Miller's reaction chamber experiment Animation

For a complete list of videos, visit our video library