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Author Question: Which of the following claims is true at each point along a price-consumption curve? A) Utility ... (Read 13 times)

gonzo233

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on: Jul 1, 2018
Which of the following claims is true at each point along a price-consumption curve?
 
  A) Utility is maximized but income is not all spent.
  B) All income is spent, but utility is not maximized.
  C) Utility is maximized, and all income is spent.
  D) The level of utility is constant.

Question 2

A firm's short-run average cost curve is U-shaped. Which of these conclusions can be reached regarding the firm's returns to scale?
 
  A) The firm experiences increasing returns to scale.
  B) The firm experiences increasing, constant, and decreasing returns in that order.
  C) The firm experiences first decreasing, then increasing returns to scale.
  D) The short-run average cost curve reveals nothing regarding returns to scale.


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mammy1697

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

D


gonzo233

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Reply 2 on: Jul 1, 2018
Wow, this really help

bbburns21

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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