Use the Following to Answer Question(s): Demand and Price Elasticity

question 147

Multiple Choice

Use the following to answer question(s) : Demand and Price Elasticity 2

-(Exhibit: Demand and Price Elasticity 2) From the graph it can be seen that, along a given segment of the demand curve, if price falls and total revenue _________, then demand is price elastic.

• A) increases
• B) decreases
• C) stays the same
• D) decreases at first and then increases

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Definitions:

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring.

Triassic

A geological period that occurred approximately 252 to 201 million years ago, marking the beginning of the Mesozoic Era.

Cretaceous

The last period of the Mesozoic Era, marked by significant geological events and the extinction of dinosaurs.

Pleistocene

The geological epoch from about 2.6 million to 11,700 years ago, characterized by the last ice ages and the emergence of Homo sapiens.