The figure above shows the market for coffee. If 30 pound of coffee a month are available, the ________ price that consumers are willing to pay for the last pound is ________

When demand is unit elastic, an increase in price will cause total revenue to increase, stay the same, or decrease, depending on the corresponding change in quantity demanded

Indicate whether the statement is true or false

We assume that the representative consumer's preferences exhibit the properties that

A) they evolve over time and that more is always preferred to less. B) more is preferred to less and that the consumer prefers diversity. C) the consumer likes diversity and that more is sometimes preferred to less. D) more is sometimes preferred to less and that consumption and leisure are both normal goods.