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 is producing the profit-maximizing level of output, her total revenue is
A. $0.
B. $8,400.
C. $12,000.
D. $16,800.
Answer: C
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If the interest rate were to fall, we expect that
A) the supply of money will fall. B) the supply of money will rise. C) autonomous expenditures will rise. D) the demand for money will fall.
The short run is a period of time
a. less than one year b. greater than one year c. during which all resources are variable d. during which at least one resource is fixed e. during which at least one resource is variable
In the long-run, in a monopolistically competitive market:
a. marginal revenue is greater than average revenue. b. price equals marginal cost. c. price equals minimum average total cost. d. the firms earn positive economic profits. e. resources are inefficiently allocated .
Which of the following would most likely be highly price-elastic?
a. The demand for milk by a household b. The demand for insulin by a diabetes patient c. The demand for water d. The demand for new houses e. The demand for coal over a period of one month