Refer to the Total Revenue Graph Above

question 309

Multiple Choice

Refer to the total revenue graph above. An increase in the quantity of product X demanded from 14,000 to 16,000 units implies that the price of product X was

• A)reduced and the demand is elastic.
• B)increased and the demand is elastic.
• C)reduced and the demand is inelastic.
• D)increased and the demand is inelastic.

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Definitions:

Antitrust Violation

An offense that occurs when business practices harm competition or create a monopoly, contrary to laws designed to promote fair competition in the market.

Market Share

The percentage of an industry's total sales that is earned by a particular company over a specific time period.

Market Concentration

The degree to which a small number of firms control a large percentage of a relevant market.

Competition

The rivalry among businesses or individuals for dominance or a greater share of the market or attention, often leading to innovation and better choices for consumers.