A Minnesota snowmobile dealer lowers its prices in February by 16 percent and the quantity demanded increases by 2 percent. Thus the demand for snowmobiles from this dealer is ________ and the dealer's total revenue will ________

A typical professional National Football League team has three quarterbacks on its roster. What is one reason why they might not have a fourth quarterback?

A) The fourth quarterback's marginal product is approximately zero. B) The fourth quarterback's marginal product is approximately ten. C) The fourth quarterback's marginal product is less than the first quarterback's marginal product. D) There is a law against carrying four quarterbacks on a team.

Producer surplus measures the difference between total revenues and fixed cost

a. True b. False