To Answer the Question,refer to the Following Table Showing a Demand

question 51

Multiple Choice

To answer the question,refer to the following table showing a demand schedule: $\begin{array}{llcc}\underline{ \text {Price } }&\underline{ \text { Ouantity } } \\ &\underline{\text {demanded }} \\\$200 &1000\\150&1400\\100 &1800\\\end{array}$ If price falls from $200 to $150,

• A)arrows representing the price and quantity effects both point down.
• B)an arrow representing the price effect points down and is longer than an arrow for the quantity effect.
• C)an arrow representing the price effect points down and is shorter than an arrow for the quantity effect.
• D)arrows representing the price and quantity effects both point up.
• E)total revenue moves in the same direction as the arrow representing the price effect.

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Definitions:

Price of a Resource

The monetary value assigned to a raw material, energy, or other fundamental inputs used in the production of goods and services.

Substitute Inputs

Alternatives that can be used in the production process if the original inputs become too expensive or unavailable.

Consumers

Individuals or groups who use goods and services to satisfy their personal needs and desires.

Unskilled Labor

Workforce with no special training or qualifications, often associated with manual or simple tasks.