Use the following to answer question: 
-(Figure: The Demand Curve) Use Figure: The Demand Curve.If the price is $8,total revenue is _____.If the price is $7,total revenue is _____.
Definitions:
Fixed Costs
Costs that do not change with the level of production or sales, such as rent, salaries, and insurance premiums, providing stability to a company's expenses.
Variable Costs
Expenses that vary in direct proportion to changes in levels of production or sales activity, such as raw materials and direct labor costs.
Net Loss
The amount by which expenses exceed revenues.
Variable Costs
Expenses that vary in relation to the quantity of products or services a company generates.
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