Ruth’s Rubies is a single-price monopolist in the market for rubies. Suppose Ruth’s Rubies currently charges $200 for its rubies (i.e. sells 3 rubies). If it lowers the price to $100 (to sell 4 rubies), how large is:           The quantity effect? The price effect?       Price of a Ruby Quantity of Rubies           Demanded Total Revenue Marginal Revenue    $500      0      0        400      1      400      400      300      2      600      200      200      3       600      0      100      4     400     200          0      5       0    400

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