Use the following to answer questions:
Figure: Demand, Revenue, and Cost Curves 
-(Figure: Demand, Revenue, and Cost Curves) Look at the figure Demand, Revenue, and Cost Curves. Figglenuts-R-Us is a monopolist in the figglenut market. Figglenuts-R-Us will sell _____ figglenuts and set a price of _____ to maximize profits.
Definitions:
Variable Resource
A factor of production whose quantity can easily be changed in the short term to increase or decrease production levels.
Fixed Resource
An asset or resource in production that cannot be easily increased or decreased in the short term, such as land or machinery.
Diminishing Returns
The principle that says as more of a variable input is added to a fixed input, the incremental gain in output will eventually decrease.
Normal Profits
The level of profit that is necessary to cover the costs of a firm, including the opportunity costs of capital, ensuring the firm remains in business.
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