Multiple Choice
Suppose that Joan, the only consumer of pork, has a downward-sloping demand curve for pork and faces an upward-sloping supply curve.If her demand curve shifts out because she develops a craving for pork, then at the new equilibrium (everything else equal) ,
A) the price of pork relative to other goods will be higher than before.
B) Joan's marginal utility from every unit of pork she eats will be higher than before.
C) Joan's real income will be lower than before.
D) All of the above are correct.
Correct Answer:

Verified
Correct Answer:
Verified
Q36: The slope of an indifference curve represents
Q64: A consumer will consume the combination of
Q152: Figure 5-15 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 5-15
Q166: Elaine values the utility of her first
Q174: Alice has $10 to spend on wine
Q183: You have five hours left to study
Q198: Economists consider instances of increasing marginal utility
Q212: By changing the amount of income a
Q213: The law of diminishing marginal utility holds
Q240: Use consumer indifference curves and budget lines