Home » 5- Let’s say that you choose to buy bread in a grocery store. According to the marginal benefit and marginal cost principle, how many loaves of bread…

# 5- Let’s say that you choose to buy bread in a grocery store. According to the marginal benefit and marginal cost principle, how many loaves of bread…

5- Let’s say that you choose to buy bread in a grocery store. According to the marginal benefit and marginal cost principle, how many loaves of bread will you purchase if you know the following:

A loaf of bread costs \$2.00. Each dollar is worth 50 utils to you (so \$2 is worth 100 utils).

Four loaves.

One loaf.

Three loaves.

Two loaves.

Six loaves.

Five loaves.

seven loaves.

4- Let’s say that a business sells its product for a price that turns out to be far more than the equilibrium price. What will happen in the market for this product?

the higher price will result in a surplus of products for the firm. In order to eliminate the surplus, the firm will have to lower its price.

higher priced products provide a good reason for employees to demand higher wages. This will lead to higher profits for the firm.

since the price is above the equilibrium price, a shortage of the product will result.

the business is ensured of higher long term economic profits, because the price is probably lower than the cost of production.

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