Question

In: Economics

5. FuboTV and hulu are two streaming services companies that many consumers are using to eliminate...

5.

FuboTV and hulu are two streaming services companies that many consumers are using to eliminate expensive cable-TV services. They offer similar benefits to customers. If the price of the FuboTV service decreases, this will cause a decrease in the _______ for the hulu brand streaming service which would be graphed as _______.

Group of answer choices

quantity demanded, movement up/left along its demand curve

demand, leftward shift of its demand curve

quantity demanded, leftward shift of its demand curve

demand, movement up/left along its demand curve

6.

A minimum wage is an example of a price floor and results in higher rates of unemployment.

Group of answer choices

True

False

7.

Opportunity cost is defined as the value of everything given up when a decision is made or a course of action is followed.

Group of answer choices

True

False

8.

Assume that a firm is considering using another hour of labor at a cost of $20. The marginal product of this additional hour of labor is 15 units. The selling price is $2 per unit. Which of the following correctly identifies what the firm should do and for the correct reason?

Group of answer choices

The firm should not use the additional hour of labor because the MRP is negative.

The firm should use the additional hour of labor because the firm’s total product will increase.

The firm should use the additional hour of labor because the marginal product is positive.

The firm should obtain more information because there is not enough information provided to determine its best course of action.

The firm should not use the additional hour of labor because the marginal product is less than the wage rate.

The firm should use the additional hour of labor because the firm’s MRP is greater than the wage rate.

9,

It is assumed in economics that firms want to maximize _______, and this assumption provides the foundation for the _______.

Group of answer choices

total revenue, law of supply

total revenue, law of demand

total profit, law of supply

total profit, principle of increasing marginal opportunity cost

10.

The cross-price elasticity of demand between two goods is –1.9. This tells us these two goods are _______ and _______.

Group of answer choices

substitutes, used in place of each other

substitutes, used together

complements, used together

complements, used in place of each other

Expert Solution

Fubo TV and Hulu TV are two streaming services company that many companies are using to eliminate expensive cable TV services.They offer similar benefits to customers.If the price of Fubo TV services decreases , this will cause decrease in the demand for the Hulu brand streaming service which would be graphed as leftward shift of the demand curve

EXPLANATION

As Fubo TV and Hulu TV are perfect substitutes of each other when the price of Fubo TV services decreases the consumers will shift to Fubo TV from Hulu TV.The demand for Hulu will decline due to fall in price of Fubo subscription. The demand curve of Hulu TV will shift to the left showing a decrease in demand.

The above explanation is depicted by the figures below:

Rahul Sunny answered 2 years ago

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5. FuboTV and hulu are two streaming services companies that many consumers are using to eliminate...

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