Total revenue decreases if price ________ and demand is ________.

You wish to buy only one CD. Use the rule of equal marginal utility per dollar to determine which one to purchase:

(a) Drake's latest CD for $15 which gives you 75 units of utility, or (b) Bob Dylan's "Shadows in the Night" for $10 that gives you 100 units of utility?

A simple way of describing the social cost of monopoly is to say that it

A) produces too much. B) makes too much money. C) has too much political power. D) restricts output and charges a higher price than a perfectly competitive firm.