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:

Miami Indians

A Native American tribe originally located in the Great Lakes region, known for their roles in various historical conflicts and their adaptation to changing environments.

Smallpox Epidemic

A devastating outbreak of the smallpox disease, which, before its eradication, caused millions of deaths worldwide and shaped human history through its impact on communities and civilizations.

Rendezvous

A prearranged meeting place, often used in historical contexts to describe gatherings of fur traders and mountain men in the American West.

Fur Trappers

Individuals who catch and kill animals primarily for their fur, historically significant in the North American fur trade.