Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. If this farmer produces the profit-maximizing level of hay when the market price is $18 per bale, her total cost would be
A. $1,200.
B. $2,800.
C. $5,600.
D. $6,300.
Answer: D
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If a firm is successful in its efforts to reduce the price elasticity of demand for its product, all else constant, the optimal markup that can be used in setting price will increase
Indicate whether the statement is true or false
A permanent reduction in inflation would
a. permanently reduce shoeleather costs and permanently lower unemployment b. permanently reduce shoeleather costs and temporarily raise unemployment c. temporarily reduce shoeleather costs and temporarily lower unemployment d. temporarily reduce shoeleather costs and temporarily raise unemployment
The Clayton Act outlawed tying contracts, price discrimination, and all mergers.
Answer the following statement true (T) or false (F)
Economists who have studied the composition of "proprietor's income" have found that this income item is made up of:
A. Wages and profits, mostly wages B. Interest and profits, mostly profits C. Rent and interest, mostly interest D. Wages and interest, mostly wages