P Price P Demand C Q1 Quantity Q2 22. Refer to the above diagram. If price is reduced from P1 to P2, total revenue will: A. increase by A minus C. B. increase by C minus A. C. decrease by A minus C. D. decrease by C minus A. 23. A monopolistic firm has a sales schedule such that it can sell 10 prefabricated garages per week at $10,000 each, but if it restricts its output to 9 per week it can sell these at $11,000 each. The marginal revenue of the tenth unit of sales per week is: A. - $1,000. B. $9,000. C. $10,000. D. $1,000. 24. The economizing problem is: A. the need to make choices because economic wants exceed economic means. B. how to distribute resources equally amongst all members of society. C. that people's means often exceed their wants. D. that people do not know how to rationally allocate resources. 25. The scarcity problem: A. persists only because countries have failed to achieve continuous full employment. B. persists because economic wants exceed available productive resources. C. has been solved in all industrialized nations. D. has been eliminated in affluent societies such as the United States and Canada