When we graph consumption as a function of national income rather than as a function of ________, the slope of this consumption function is the ________

Which of the following is correct for a single-price monopoly?

i. The firm can determine the quantity it produces and the price it charges. ii. It would never profitably produce output in the inelastic range of its demand. iii. Its marginal revenue is less than price. A) i only B) i and iii C) ii only D) ii and iii E) i, ii, and iii

Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a theater ticket. If the price of one ticket falls from $25 to $10

A) consumer surplus decreases from $24 to $12. B) consumer surplus increases from $0 to $31. C) only three tickets will be sold. D) everyone will buy a ticket.