Refer to the Graph Above and Assume That the Areas

question 103

Multiple Choice

Refer to the graph above and assume that the areas of the boxes are the same.Consider a situation where price increases from P₃ to P₄.In this price range,demand is relatively:

• A) inelastic because the loss in total revenue (areas E + F + G)is greater than the gain in total revenue (area A).
• B) elastic because the loss in total revenue (areas E + F + G)is greater than the gain in total revenue (area A).
• C) elastic because the loss in total revenue (area A)is greater than the gain in total revenue (areas E + F + G).
• D) inelastic because the loss in total revenue (area A)is greater than the gain in total revenue (areas E + F +

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Learn effective communication skills to avoid conflicts.

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