In order to derive an individual's demand curve for salmon, we would observe what happens to the utility-maximizing bundle when we change
A) income and hold everything else constant.
B) tastes and preferences and hold everything else constant.
C) the price of a close substitute and hold everything else constant.
D) the price of the product and hold everything else constant.
D
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In the long run, a perfectly competitive firm makes
A) a positive economic profit. B) zero economic profit. C) negative economic profit, that is, an economic loss. D) zero accounting profit. E) either a positive economic profit or a normal profit.
Given that the firm only chooses to sell the high-end professional series, how should it price its product?
a. Price low, sell to both users b. Price high, sell only to the professional chefs c. Price low, sell only to the professional chefs d. Price high, sell only to the home users