Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the consumer surplus?

The law of diminishing returns states that as

A) the size of a plant increases, the firm's fixed cost decreases. B) the size of a plant increases, the firm's fixed cost increases. C) a firm uses more of a variable input, given the quantity of fixed inputs, the marginal product of the variable input eventually diminishes. D) a firm uses more of a variable input, given the quantity of fixed inputs, the firm's average total cost will decrease eventually.

The case where a firm sells each unit at the maximum amount each customer is willing to pay for it is called

A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) nonlinear price discrimination.