Today farms with sales of more than $250,000 a year account for about _____ percent of all agriculture sales.

Each member of OPEC can increase its income by selling more oil than its output quota because

A) the demand for oil is perfectly elastic. B) by selling more at OPEC's cartel price, a member will automatically earn more income. C) each member's demand is more elastic than the total demand for oil. D) the demand for oil is inelastic so total revenue increases.

Refer to the above table. If the price is $3, the perfectly competitive firm should produce

A) 102 units. B) 105 units. C) 103 units. D) 104 units.