If a perfectly competitive firm raises the price it charges to consumers, which of the following is the most likely outcome?
A) The firm's total revenue will increase only if the demand for its product is elastic.
B) The firm's total revenue will increase only if the demand for its product is inelastic.
C) The firm will not sell any output.
D) The firm's revenue will not change because some consumers will refuse to pay the higher price.
Question 2
If marginal utility of apples is diminishing and is a positive amount, consuming one more apple will cause
A) a consumer to go beyond her optimal consumption of apples.
B) total utility to decrease.
C) a consumer to get no satisfaction from consuming apples.
D) a consumer's total utility to increase.
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
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