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stars_and_moon stars_and_moon
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Posts: 3218
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7 years ago
Pat is currently at consumer equilibrium purchasing movie tickets and renting videos.  The price of movie tickets increases.  Which of the following statements is true?
A) Pat will still purchase the same combination of movie tickets and video rentals as she did in the initial consumer equilibrium.
B) Before the price increase, the marginal utility per dollar for the last dollar spent on movie tickets equaled the marginal utility per dollar for the last dollar spent on videos.
C) Immediately after the price increase, the marginal utility per dollar spent on movie tickets is higher than the marginal utility per dollar spent on videos.
D) all of the above
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kingbykingby
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7 years ago
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#2
7 years ago
Incredible!
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#3
7 years ago
I instantly knew the answer when I read the question, happy to help
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