Suppose the Graph Shows a Manufacturer's Total Revenue, in Thousands

question 130

Multiple Choice

Suppose the graph shows a manufacturer's total revenue, in thousands of dollars, from the sale of x cellular telephones to dealers. Decide whether the sale of the 100st cell phone or the 700st brings in more revenue. ​ ​

• A)The 100st phone
• B)The 700st phone

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Definitions:

Strategic Leadership

A style of leadership focused on setting long-term visions, creating sustainable competitive advantages, and guiding an organization through strategic changes.

Surplus

The situation in which the quantity supplied of a good exceeds the quantity demanded, often leading to a decrease in prices.

Shortage

A situation where the demand for a product exceeds the supply of that product, often leading to a temporary unavailability.

Excess Demand

A situation where the quantity demanded of a good or service exceeds the quantity supplied at the current price.