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 responses are correct.
Correct Answer:

Verified
Correct Answer:
Verified
Q189: A well-known women's college whose tuition lagged
Q190: Since price tends to equal marginal utility,
Q191: The slope of a consumer's indifference curve
Q192: When the price of one product falls,<br>A)consumers'
Q193: A budget line is defined as<br>A)the number
Q195: A change in the price of one
Q196: Consumers should purchase quantities of a good
Q197: If we graph marginal utility, the curve
Q198: Economists consider instances of increasing marginal utility
Q199: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt=" -In Figure 5-18,