Figure 7-12 Refer to Figure 7-12. When Price Falls from $50 to from $50

question 4

Multiple Choice

Figure 7-12
Refer to Figure 7-12. When price falls from $50 to $40, it can be inferred that demand between those two prices is

• A) inelastic, since total revenue decreases from $8,000 to $5,000.
• B) inelastic, since total revenue increases from $5,000 to $8,000.
• C) elastic, since total revenue increases from $5,000 to $8,000.
• D) unit elastic, since total revenue increases from $5,000 to $8,000.

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