Figure: the Demand for Notebook Computers

question 276

Essay

Figure: The Demand for Notebook Computers
(Figure: Demand for Notebook Computers) Look at the figure The Demand for Notebook Computers.The change in total revenue resulting from a change in price from P to T suggests that demand is:
A.inelastic.
B.price-elastic.
C.price-inelastic.
D.price unit-elastic.

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Definitions:

Resource Endowments

The natural resources, capital, and other economic assets that a country possesses, impacting its economic potential.

World Price

The international market price of a good or service, determined through global supply and demand interactions.

Diminishing Returns

The principle that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after reaching an optimal level.

Opportunity Cost

The act of foregoing potential opportunities for gain from several alternatives when deciding on one.