Refer to Scenario 7.3 below to answer the question(s) that follow. SCENARIO 7.3: Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $60,000 annually. Last year you earned a total revenue of $100,000. Rent and supplies last year were $50,000. Refer to Scenario 7.3. Your annual economic profit is

Which of the following is inconsistent with monopoly

____ is/are actions by oligopolistic firms that can contribute to cooperation and collusion even though the firms do not formally agree to cooperate.

Total revenue increases if price ________ and demand is ________.

When increasing size leads to lower per unit costs, we say there are

If a product has an inelastic demand, then we can expect total revenue to ___________ (increase, decrease) if price falls.

Q P TR AR MR 11 $2,150 $23,650 $2,150 $2,150 22 $1,950 A $1,950 B 33 $1,750 $57,750 C $1,350 44 $1,550 D $1,550 E Table 1.4   In Table 1.4. E is $_______

Q P TR AR MR 6 $2,050 $12,300 $2,050 $2,050 12 $1,950 A $1,950 B 18 $1,850 $33,300 C $1,650 24 $1,750 D $1,750 E Table 1.3   In Table 1.3, E is $______

When there are more substitutes for a product, the ________ for the product is ________.

When the price of coffee decreases 5%, quantity demanded increases 5%. The price elasticity of demand for coffee is ________ and total revenue from coffee sales will ________.