Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process:  Name of CompanyRevenuesCost of Purchased inputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$.75The Corner Store$2.50$2.00What is the sum of the value added of all the firms?

If a firm in a competitive market decreases the quantity of output sold, total revenue should

a. decrease. b. increase. c. should change proportionately to the change in total costs for the firm. d. remain the same.

The supply curve for a monopolist, in the short run, is defined in the same way as that for a competitive firm: it is the portion of the marginal cost curve above average variable cost

a. True b. False Indicate whether the statement is true or false