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8) Opera Estate Girls' School is considering increasing its tuition to raise revenue. If the school school is believes that raising tuition will increase revenue it is assuming that the demand for attending the 8) A) inelastic. C) perfectly elastic. B) elastic. Dj unit elastic. 9) Which of the following is evidence of a surplus of bananas? A) The quantity of bananas demanded is greater than the quantity supplied. 9) B) Firms raise the price of bananas. C) The price of bananas is lowered in order to Increase sales. D) The equilibrium price of bananas rises due to an increase in demand. Figure 15-4 Revenue and costs MC $34 .. ATC 29.50 27 21 13 Demand MR 800 940 1160 Quantity Figure 15-4 shows the demand and cost curves for a monopolist. 10) Refer to Figure 15-4. What is the amount of the monopoly's total revenue? hogs The 10) A) $21,600 B) $20,400 C) $19,740 D) $7,800 11) A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term 11) used by economists to describe the money received from the sale of an additional bag of potatoes? A) pure profit B) net benefit C) marginal costs D) gross earnings E) marginal revenue 12) If Joey Kobayashi experiences diminishing marginal utility from eating hot dogs then 12) A) the marginal utility from the next hot dog Joey eats will be negative. B) his total utility from eating hot dogs is negative. C) Joey is maximizing the marginal utility per dollar he receives from eating hot dogs. D) the additional satisfaction he receives from eating another hot dog will be less then the satisfaction he received from his eating his last hot dog