Assume That the Supply Curve for a Good Is Fixed

question 156

Multiple Choice

Assume that the supply curve for a good is fixed at 100 units. Now suppose that the demand curve for the good increases such that the equilibrium price rises from $20 to $30. How does total revenue for the sale of this product change?

• A) Total revenue rises by $1,000.
• B) Total revenue does not change.
• C) Total revenue rises by $3,000.
• D) Total revenue rises by $10.

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Definitions:

Logistics Systems

Complex networks involving the movement and storage of goods, information, and services from origin to consumption.

Packaging Waste

Refers to materials used to wrap or protect goods that are discarded after serving their purpose, contributing to environmental pollution.

Alternate Materials

Materials that can be used as substitutes for others to meet product specifications, often considered for cost reduction, sustainability, or availability reasons.