A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's

When a monopolist is able to price-discriminate: a. its profits tend to increase and its output tends to fall. b. both its profits and output tend to increase

c. both its profits and output tend to decrease. d. its profits tend to fall and its output tends to increase.

If the typical perfectly competitive firm is earning an economic profit in the short run, then in the long run:

a. new firms will enter. b. market supply will decrease. c. market price will increase. d. each firm will earn an economic loss.