DO NOT NEED EXPLANATIONS! PLEASE SELECT THE CORRECT ANSWER ONLY!

Q1) Your business produces widgets, which you know to be price inelastic.

To increase total sales revenue, you should

a) keep the price the same

b) sell less of the product

c) increase the price

d) decrease the price

Q2) Consider the graph below. Suppose strict immigration laws result in a large reduction in workers immigrating to the United States.

What is the resulting effect on the labor supply curve, wage, and quantity of workers?

Price of Labor (Wage per hour) Quantity of Labor Supply shifts to the left, the quantity of workers increases, and the wage falls. Supply shifts to the left, the quantity of workers decreases, and the wage rises. Supply shifts to the right, the quantity of workers increases, and the wage rises. Supply shifts to the right, the quantity of workers decreases, and the wage falls. Wage ($) 4 MFC for Firm S Labor WE WM MRP for Firm ~ Labor X O QM QE Quantity of Labor O The monopsonist quantity supplied is lower than the competitive market quantity supplied. It falls by QM. O The monopsonist quantity supplied is higher than the competitive market quantity supplied. It rises by QE - QM. The monopsonist quantity supplied is higher than the competitive market quantity supplied. It rises by QM. The monopsonist quantity supplied is lower than the competitive market quantity supplied. It falls by QE - QM.Calculate Marginal Revenue when output rises from 310 to 370 pounds. Total Output (0) (Pounds) (1) Price per Pound ($1.50) (2) Total Revenue (3) Marginal Revenue O $1.00 O $2.50 0 $2.00 0 $1.50 100 250 310 370 440 460 380 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $150.00 $375.00 $465.00 $555.00 $660.00 $690.00 $840.00 $570.00