Use the following to answer questions: 
-(Table: Prices and Demand) The New Orleans Saints have a monopoly on Saints logo hats. The marginal cost of producing a hat is $18. If the Saints increase the number of hats they sell from four to five, the quantity effect is a(n) _____ in total revenue of _____.
Definitions:
Revenue Recognition
This is an accounting principle that outlines the specific conditions under which revenue is recognized and can be reported in financial statements.
Percentage-Of-Completion Method
The percentage-of-completion method is an accounting approach used for recognizing the revenue and expenses of long-term contracts based on the progress of the work performed.
Revenue Recognition
The process of recording income when it is earned and realizable, according to specific criteria, regardless of when the cash is received.
Completed-Contract Method
An accounting method where revenue and profit are recognized only when a contract is completed, commonly used in long-term project contracts.
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