In the above figure, Reggie's budget line rotates outward from BL1 to BL2. He initially consumes at point A. If his new consumption bundle is at point C, this implies that his demand curve for kiwi fruit
A) has shifted.
B) is a vertical line.
C) slopes downward.
D) is a horizontal line.
C
Economics
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Without changes in MC to maximize profits, the firm will produce at point ________ on the new demand curve and lower price to ________
A) E1; P1 B) E0; P0 C) E2; P2 D) E0 or E1; P0
Economics
A basic tenet of the theory of the firm is that the firm's primary objective is to
A) stay out of debt. B) produce a given level of output at a specified cost. C) maximize economic profits. D) operate for the benefit of society.
Economics