When Price = $16, Quantity Demanded = 200

question 17

Multiple Choice

When price = $16, quantity demanded = 200. When price = $14, quantity demanded = 225. When the firm lowered price from $16 to $14, it discovered that demand is __________ and total revenue __________ by ____________,

• A)elastic; increased; $3,200
• B)elastic; decreased; $3,150
• C)inelastic; increased; $50
• D)inelastic; decreased; $50
• E)inelastic; decreased; $3,150

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Definitions:

Sir Francis Galton

A British polymath best known for his work in the fields of statistics, psychology, and eugenics, and for being a pioneer in the study of human intelligence and variation.

Alfred Binet

A French psychologist best known for his role in developing the first intelligence tests along with his colleague Théodore Simon.

Heredity

The passing of genetic traits from parents to offspring, determining certain characteristics of the individual.

Intelligence

The ability to learn from experience, adapt to new situations, understand and handle abstract concepts, and use knowledge to manipulate one's environment.