Suppose Consumers Spent $42 Million on Christmas Trees Last Year

question 41

Multiple Choice

Suppose consumers spent $42 million on Christmas trees last year when the average tree cost $30 and this year spent $42 million when the average tree costs $25.Assuming nothing else changed, this data suggests that

• A)consumers bought the same number of Christmas trees this year as last year
• B)the price of Christmas trees stayed the same
• C)total revenues to tree producers rose this year
• D)the demand for trees is unit elastic
• E)the demand for trees is inelastic

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Definitions:

Genes

Units of heredity made up of DNA that code for the synthesis of proteins responsible for the organism's characteristics and functions.

Chromosome

A long DNA molecule with part or all of the genetic material of an organism.

Polygenic Inheritance

The inheritance of traits controlled by two or more genes, resulting in a wide range of phenotypes for certain characteristics.

Independent Pairs

A concept in statistics referring to pairs of observations that are not influenced by any of the other pairs in a data set.