In the Figure Above, If the Equilibrium Price of the Product

question 219

Multiple Choice

In the figure above, if the equilibrium price of the product increased from $5 to the present price of $6 due to a supply shift, then total revenue would have

• A)increased by $300.
• B)decreased by $100.
• C)decreased by $300.
• D)stayed the same.

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Definitions:

Accounting Error

A mistake in the recording, categorization, or calculation of financial transactions.

Existential Import

The implication that at least one instance of the subject in a categorical proposition exists.

Coherent Argument

An argument where all the premises logically support the conclusion and are consistent with each other.

Assert

To assert a fact or conviction with confidence and vigor.