Suppose an economy is initially in equilibrium and there is a sudden increase in oil prices. Which of the following is the most likely result?

Lisa views pizzas and burritos as goods. If she prefers a bundle of four burritos and four pizzas to a bundle of four burritos and five pizzas, which property of consumer preference is violated? What change in the assumptions could lead a rational

consumer to prefer the first bundle?

If a firm in perfect competition charges the market price of $14, then its

a. MR = $14 and its AR < $14 b. MR = $14 and its AR > $14 c. AR = $14 and its ATC = $14 d. AR = MR = $14 e. ATC = MC = $14