Use an Equation to Solve the Problem

question 37

Multiple Choice

Use an equation to solve the problem. One-third of the movie audience left the theater in disgust. If 77 angry patrons walked out, how many were there originally?

• A) 231
• B) 243
• C) 204
• D) 196
• E) 190

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given market at a specific time period.

Perfectly Inelastic

A situation where the quantity demanded or supplied does not change in response to a change in price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Price Elasticity

The degree to which the demand for a product is affected by price fluctuations, reflecting the price sensitivity of buyers.