Question: 1) Predict the direction of change (rise or fall) in the equilibrium price, quantity, and revenue in the market for gasoline this week if the

1) Predict the direction of change (rise or fall) in the equilibrium price, quantity, and revenue in the market for gasoline this week if the price of gasoline is expected to fall next week. Use a demand-supply graph to justify your prediction.

2) Is the following (italicized) statement true or false? Explain.

Average product falls when marginal product falls.

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