If the demand curve for comic books is expressed as Q = 10,000 * p-1, then demand has a unitary elasticity

An advance in farm technology that results in an increased market supply is

a. good for farmers because it raises prices for their products but bad for consumers because it raises prices consumers pay for food. b. bad for farmers because total revenue will fall but good for consumers because prices for food will fall. c. good for farmers because it raises prices for their products and also good for consumers because more output is available for consumption. d. bad for farmers because total revenue will fall and bad for consumers because farmers will raise the price of food to increase their total revenue.

Compared to perfect competition, monopoly in the long run

A. restricts output. B. charges a higher price. C. produces at less than minimum average cost. D. All of these responses are correct.