At a Price of $5, Quantity Demanded Is 70; and at a Price

question 181

Multiple Choice

At a price of $5, quantity demanded is 70; and at a price of $7, quantity demanded is 50. Since total revenue ________ by the price increase, demand must be ________.

• A) is increased; elastic
• B) is decreased; inelastic
• C) is unchanged; unit elastic
• D) is unchanged; elastic

Recognize the role of environmental factors (including environmental degradation) on population growth and resource consumption.

Understand the age structure of populations and its potential impact on population dynamics.

Understand the stages and substages of Piaget's theory of cognitive development.

Identify and describe behaviors indicative of specific sensorimotor substages.

---

Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold, indicating the profitability of a company's core activities.

Operating Expenses

Costs incurred during the normal course of business operations, excluding the cost of goods sold.

Income from Operations

Earnings generated from a company's regular, core business activities before interest and taxes.

Gross Profit Percentage

A financial metric expressing the gross profit as a percentage of net sales, showing the efficiency of a company in making and selling its products.