(Figure: Market for Walnuts I) The graph depicts the perfectly competitive market for walnuts. Which of the following statements is (are) TRUE? I. The demand curve facing a walnut grower is perfectly elastic at $1.
II) If a walnut grower sold 80,000 pounds of walnuts, his total revenue would be $138,400.
III) If a walnut grower sold one more pound of walnuts, his total revenue would increase by $1.73.

Question

(Figure: Market for Walnuts I) The graph depicts the perfectly competitive market for walnuts. Which of the following statements is (are) TRUE?  I. The demand curve facing a walnut grower is perfectly elastic at $1.
II) If a walnut grower sold 80,000 pounds of walnuts, his total revenue would be $138,400.
III) If a walnut grower sold one more pound of walnuts, his total revenue would increase by $1.73.

Quizplus · Accepted Answer

The Answer of (Figure: Market for Walnuts I) The graph depicts the perfectly competitive market for walnuts. Which of the following statements is (are) TRUE?  I. The demand curve facing a walnut grower is perfectly elastic at $1.
II) If a walnut grower sold 80,000 pounds of walnuts, his total revenue would be $138,400.
III) If a walnut grower sold one more pound of walnuts, his total revenue would increase by $1.73.

(Figure: Market for Walnuts I) the Graph Depicts the Perfectly