If a hot dog vendor on a street corner experiences an increase in ...

[fox]

If a hot dog vendor on a street corner experiences an increase in total revenue after lowering the price of a hot dog, then the demand for the hot dogs must be elastic.
 
  Indicate whether the statement is true or false

Question 2

The figure above shows a labor market. If there is a monopsony in this labor market, employment is
 
  A) 0 hours per week.
  B) 50 hours per week.
  C) 100 hours per week.
  D) 150 hours per week.

[scottmt]

Answer to Question 1

TRUE

Answer to Question 2

B

[fox]

Excellent

[diana chang]

Thanks for the timely response, appreciate it