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3. The components of marginal revenue Feml's HookNLadder Is the only company selling fire engines In the fictional country of Alexandrina. Femi Initially produced five trucks, but then decided to Increase production to six trucks. The following graph gives the demand curve faced by Femi's HookNLadder. As the graph shows, In order to sell the additional fire truck, Femi must lower the price from $160,000 to $120,000 per truck. Notice that Feml gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the Initial five engines because they are all sold at the lower price. Use the purple rectangle (dlamond symbols) to shade the area representing the revenue lost from the initial five engines by selling at $120,000 rather than $160,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $120,000. (?) 220 200 180 Revenue Lost Demand 160 + 140 Revenue Gained PRICE (Thousands of dollars per fire engine) 3 5 9 10 QUANTITY (Fire engines) Femi Increase production from 5 to 6 fire engines because the dominates In this scenario. True or False: If alternatively Feml's HookNLadder were a competitive firm and $160,000 were the market price for an engine, decreasing Its price from $160,000 to $120,000 would result In a decrease in the production quantity, but an Increase In total revenue. O True False Grade It Now Save & Continue Continue without saving