When the marginal revenue curve intersects the horizontal axis
A) demand is relatively elastic.
B) demand is relatively inelastic.
C) demand is perfectly elastic.
D) demand is unitary elastic.
Question 2
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes 350 per month as the legal maximum rent, the consumer's net gain in surplus equals
A) c - f.
B) b - f.
C) d - f.
D) The answer cannot be determined from the information given.
A graphical representation of the marginal value theorem.
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