following statements is (are) TRUE? 7. (Figure: Market for Walnuts I) The graph depicts the perfectly competitive market for walnuts. Which of the Price 3 ($/pound) 2.61 1.73 1 c. II and III d. I 0 20 26.63 60 80 100 67.34 79.65 Quantity of walnuts (millions of pounds) 40 I. The demand curve facing a walnut grower is perfectly elastic at $1. II. If a walnut grower sold 80,000 pounds of walnuts, his total revenue would be $138,400. III. If a walnut grower sold one more pound of walnuts, his total revenue would increase by $1.73. a. I, II, and III b. II

following statements is (are) TRUE? 7. (Figure: Market for Walnuts I) The graph depicts the perfectly competitive market for walnuts. Which of the Price 3 ($/pound) 2.61 1.73 1 c. II and III d. I 0 20 26.63 60 80 100 67.34 79.65 Quantity of walnuts (millions of pounds) 40 I. The demand curve facing a walnut grower is perfectly elastic at $1. II. If a walnut grower sold 80,000 pounds of walnuts, his total revenue would be $138,400. III. If a walnut grower sold one more pound of walnuts, his total revenue would increase by $1.73. a. I, II, and III b. II

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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