-Refer to the Above Table

question 217

Multiple Choice

-Refer to the above table. Suppose the price of a hamburger is $2, the price of a movie is $5, and the income of the consumer is $29. How many hamburgers and movies will this consumer buy to be at an optimum?

• A) 1 hamburger and 5 movies
• B) 6 hamburgers and 3 movies
• C) 4 hamburgers and 4 movies
• D) 2 hamburgers and 5 movies

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Definitions:

Long-Run Supply

A market condition reflecting the total output of goods and services providers are willing and able to produce, considering all inputs are variable.

Short Run

Refers to a period in which at least one input is fixed, limiting the capacity of the economy or firm to adjust to changes in demand.

Long Run

A period in which all inputs can be adjusted by firms, allowing for full adjustment to market conditions or changes in production technology.

Break-Even Point

The juncture where total expenses match total income, yielding neither profit nor loss.