Suppose That the Price of a Good Is $10 and Quantity

question 138

Multiple Choice

Suppose that the price of a good is $10 and quantity demanded is 50 units. When price increases to $12, quantity demanded decreases to 40 units. What happened to total revenue and what does this indicate?

• A) Total revenue decreased from $500 to $480, indicating that demand is inelastic.
• B) Total revenue decreased from $500 to $480, indicating that demand is elastic.
• C) Total revenue increased from $480 to $500, indicating that demand is inelastic.
• D) Total revenue increased from $480 to $500, indicating that demand is elastic.

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Differentiate between political parties and interest groups.

Comprehend the contributions of political parties to democratic government.

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Definitions:

Chlorine

A greenish-yellow, diatomic gas that is a member of the halogen group, highly reactive and used as a disinfectant and in the production of numerous chemicals.

Cobalt

Cobalt is a chemical element with the symbol Co and atomic number 27, known for its magnetic properties and use in various alloys.

Chloride

An anion resulting from the dissociation of hydrochloric acid (HCl), or a compound formed by the combination of chlorine with a metal or organic molecule.