Barth Anderson states that the 2008 "downturn in the economy has really brought a lot of people home. They don't say, 'Well, we're going to order a pizza.' They actually cook
" Assuming that restaurant meals and eating at home are substitutes for one another and only consumers' income decreases, what is TRUE? A) Restaurant meals are an inferior good and eating at home is a normal good.
B) Restaurant meals are a normal good and eating at home is an inferior good.
C) Restaurant meals are an inferior good and eating at home is an inferior good.
D) Restaurant meals are a normal good and eating at home is a normal good.
B
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Refer to the figure above. What is the equilibrium price and quantity of the light bulbs?
A) Equilibrium price = $25, Equilibrium quantity = 0 units B) Equilibrium price = $25, Equilibrium quantity = 15 units C) Equilibrium price = $15, Equilibrium quantity = 15 units D) Equilibrium price = $5, Equilibrium quantity = 15 units
Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. If the market price is 2 cents per page, what is Fast Copy's profit maximizing level of output?
A) 16 pages per hour B) 32 pages per hour C) 48 pages per hour D) 64 pages per hour