If a firm can sell 3,000 units of product A at $10 per unit and 5,000 at $8, then

The substitution effect causes a consumer to buy less of a product when its price rises because the:

A) consumer's real income has decreased. B) consumer's real income has increased. C) product is now less expensive compared to other products. D) product is now more expensive compared to other products.

If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 50

Indicate whether the statement is true or false