(Figure: Elasticity and Total Revenue) Refer to the Figure

question 88

Multiple Choice

(Figure: Elasticity and Total Revenue) Refer to the figure. If price falls from $60 to $40, total revenue changes by ________, so demand is ________.

• A) $120; inelastic
• B) $480; elastic
• C) $360; inelastic
• D) $120; elastic

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Definitions:

Legitimate Power

The degree to which a person has the right to ask others to do things that are considered within the scope of their authority.

Silverback Gorilla

A mature, male gorilla, known for its distinct silver-colored hair on its back, signifying leadership and strength in a gorilla group.

Family Hierarchy

The structured order of authority and responsibility within a family, often based on age, gender, or social roles.

Coercive Power

The ability to control others through the fear of punishment or threat, often used in organizational or leadership contexts.