Lucinda starts a business consulting company. She makes all the ...

[armygirl]

Lucinda starts a business consulting company. She makes all the business decisions and bears the risk of running the business. The typical payment for Lucinda's work is ________.
 
  A) all the revenue greater than her opportunity cost
  B) all the revenue greater than the capital investment
  C) a normal profit
  D) an economic profit

Question 2

Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________.
 
  A) rise; increase
  B) rise; decrease
  C) fall; increase
  D) fall; decrease

[softEldritch]

Answer to Question 1

C

Answer to Question 2

D

[armygirl]

YES! Correct, THANKS for helping me on my review

[nathang24]

Thanks for the timely response, appreciate it