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When the price of a good decreases, and an individuals consumption of that good also decreases, it is most likelythat the:

A. Income effect and substitution effect are both negative.
B. Substitution effect is negative and the income effect is positive.
C. Income effect is negative and the substitution effect is positive.

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In a given firm, the marginal product per hour worked for a skilled worker is twice as much as it is for an unskilled worker. Skilled workers earn $20 per hour, and unskilled workers earn $8 per hour.

A. Salary of skilled workers to attract more of them.
B. Use of skilled workers or decrease the use of unskilled workers.
C. Use of unskilled workers or decrease the use of skilled workers.

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If quantity supplied of refrigerators exceeds quantity demanded at the current market price, the most likelymarket response would be a（n）:

A. Stable market disequilibrium.
B. Increase in demand for refrigerators.
C. Decrease in the price of refrigerators.

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A firm is likely to operate in the short run as long as price is at least as great as:

A. Marginal cost.
B. Average total cost.
C. Average variable cost.

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The vertical distance between the average total cost （ATC） curve and average variable cost （AVC） curve:

A. Increases as output increases.
B. Decreases as output increases.
C. Remains constant as output increases.

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When the price of a good decreases, and an individuals consumption of that good also decreases, it is most likelythat the:

A. Income effect and substitution effect are both negative. B. Substitution effect is negative and the income effect is positive. C. Income effect is negative and the substitution effect is positive.

In a given firm, the marginal product per hour worked for a skilled worker is twice as much as it is for an unskilled worker. Skilled workers earn $20 per hour, and unskilled workers earn $8 per hour.

If quantity supplied of refrigerators exceeds quantity demanded at the current market price, the most likelymarket response would be a（n）:

A firm is likely to operate in the short run as long as price is at least as great as:

The vertical distance between the average total cost （ATC） curve and average variable cost （AVC） curve:

A. Income effect and substitution effect are both negative.
B. Substitution effect is negative and the income effect is positive.
C. Income effect is negative and the substitution effect is positive.