Question 78 1 pts 73. Here are two statements about consumer and producer surplus. Identify the correct statementls). l Ceteris paribus, the higheris the price. the larger is producer surplus. |l Ceteris paribus, the lower is the price. the smaller is consumer surplus. Choose the correct option from the list below. A Neither statement is true. B Only I is true. C Onlyllis true. D Both statements are true. 0 B O D O A O C Question 79 1 pts 79. Here are two statements about (price) elasticity of demand. Identify the correct statement(s). I It a fall in the price would cause total revenue to increase and marginal revenue to be positive, the absolute value of elasticity would be greater than one. |l Ifa fall in the price would cause total revenue to decrease and marginal revenue to be negative, the absolute value of elasticity would be less than one. Choose the correct option from the list below. A Neither statement is true. B Only | is true. C Only Ilis true. D Both statements are true. 0 B O D O C O A Question 80 1 pts 80. Richard Whately (1787-1863] in his introductory Lectures on Political Economy (1331: enlarged ed. 1855) wrote as follows: "'It is not that pearls fetch a high price because men have dived for them; but on the contrary. men dive forthem because they fetch a high price." You would expect your economics instructor to (choose one) A agree with Richard Whatelyr B disagree with Richard Whatelyr O A OB