Suppose 1000 Units of a Good Are Sold at $10

question 67

Multiple Choice

Suppose 1000 units of a good are sold at $10 a unit. If price increases to $15 and total revenue increases to $15,000 and increases by $1000 for every dollar increase in price after that, we know that

• A) demand is perfectly elastic.
• B) the demand curve is vertical.
• C) the demand curve is downward sloping and the firm is on the inelastic portion of the demand curve.
• D) the demand curve is a rectangular hyperbola.

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