Farmer Fanny sells her crops in a perfectly competitive market. If she produces 500 bushels for total revenue of 3,000 and if harvesting the 501st bushel would raise her total cost from 2,500 to 2,510, her
a. revenue will increase by 4 if she harvests the 501st bushel
b. revenue will fall by 4 if she harvests the 501st bushel
c. average fixed cost will rise if she harvests the 501st bushel
d. profit will fall by 10 if she harvests the 501st bushel
e. profit will fall by 4 if she harvests the 501st bushel
Question 2
Suppose that a monopolist must choose between two points on its demand curve: it can sell 100 units for 3 each, or it can sell 140 units for 2 each. Which of the following is true?
a. The monopolist is facing elastic demand.
b. The monopolist is facing unit elastic demand.
c. The monopolist is facing inelastic demand.
d. The monopolist is facing perfectly elastic demand.
e. The elasticity of demand cannot be determined with the information given.
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