ECON-1010-D1/D2-Introduction to Microeconomics Course Materials & Test Answers | moodle.uleth.ca

Use the table below to answer the following question.

Table 12.2.1

Price (dollars per bottle)	Quantity Demanded (bottles per hour)
10 8 6 4 2 0	0 1 2 3 4 5

Refer to Table 12.2.1. Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule given in the table. Minnie will not produce a quantity at which the market demand for water is inelastic because when demand is inelastic she can ________ the quantity produced, which ________.

decrease; decreases total revenue and decreases total cost, but the decrease in total cost is less than the decrease in total revenue

decrease; increases total revenue, does not change total cost, and increases economic profit

increase; increases total revenue and increases total cost, but the increase in total cost is less than the increase in total revenue

decrease; increases total revenue, decreases total cost, and increases economic profit

increase; increases total revenue, decreases total cost, and increases economic profit

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ECON-1010-D1/D2-Introduction to Microeconomics

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