Suppose the Price of a Good Is $6 and Quantity

question 12

Multiple Choice

Suppose the price of a good is $6 and quantity demanded is 10 units. When price decreases to $5, quantity demanded increases to 13 units. What happened to total revenue and what does this indicate?

• A) Total revenue decreased from $65 to $60, indicating that demand is inelastic.
• B) Total revenue decreased from $65 to $60, indicating that demand is elastic.
• C) Total revenue increased from $60 to $65, indicating that demand is inelastic.
• D) Total revenue increased from $60 to $65, indicating that demand is elastic.

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Definitions:

Opening Statements

The initial remarks made by attorneys to a judge or jury outlining the case they plan to present during a trial.

Voir Dire

Voir Dire is a legal process in jury selection where attorneys or the judge examine potential jurors to determine their suitability for serving on a jury, based on biases or preconceptions.

Ethical Conversation

A dialogue that focuses on moral principles and values to guide behavior and decision-making.

Right Thing

A moral or ethical action considered correct or beneficial in a given situation.