When Price Equals £4, 250 Units of a Good Are

question 3

Multiple Choice

When price equals £4, 250 units of a good are demanded, but when the price is reduced to £3, 400 units are demanded. The revenue gained from decreasing the price is _____.

• A) £200
• B) £1200
• C) £1000
• D) £500

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Definitions:

Economic Equalities

The state or goal of fair distribution of wealth and resources among individuals or groups, aiming for minimized financial disparities.

Social Equalities

The condition in which no differences in wealth, opportunities, and status exist among members of a society.

Normative Values

Values that are widely accepted and upheld by a group or society, guiding behavior and setting standards for what is considered right or wrong.

Economic Institutions

Organizations and structures that shape the production, distribution, and consumption of goods and services within an economy.