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

question 63

Multiple Choice

(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.

• A) I, II, and III
• B) II
• C) II and III
• D) I

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