The short-run industry supply curve in a perfectly competitive market is the horizontal sum of each firm's short-run supply curve

Refer to Figure 4-1. If the market price is $1.00, what is the maximum number of burritos that Arnold will buy?

A) 1 B) 2 C) 3 D) 4

A research firm's findings concluded that the demand for movie tickets is price elastic in the afternoon but inelastic in the evenings. Given this information, to increase overall revenue the theatre owners should

a. Reduce the ticket prices for the afternoon shows and reduce the ticket prices for the evening shows b. Increase the ticket prices for the afternoon shows and reduce the ticket prices for the evening shows c. Reduce the ticket prices for the afternoon shows and increase the ticket prices for the evening shows d. Increase the ticket prices for the afternoon shows and increase the ticket prices for the evening shows