Econ 1580 a - Study guides, Class notes & Summaries

Final Exams ECON 1580 Introduction to Economics Question 1 If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. Question 2 A decrease in the demand facing a monopoly firm would _______ quantity and _______ price. The demand is inelastic. a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decreas...

id=&page=3#q39 1/5 Home ► My courses ► ECON 1580 - AY2019-T4 ► Final Exam (Days 1 - 4) ► Final Exam Question 31 Answer saved Marked out of 1.00 Question 32 Answer saved Marked out of 1.00 In this exhibit (Prot Maximization for a Firm in Monopolistic Competition), suppose that an innovation reduces a rm's xed costs and reduces cost from ATC to ATC' before the innovation reduced the cost, the rm's maximum economic prot was: Select one: a. $0. b. $30. c. $750. d. $4,500...