The Following Figure Shows the Demand Curve, D, and the Supply

question 221

Multiple Choice

The following figure shows the demand curve, D, and the supply curve, S, for calculators in Barylia. The world price of calculators is $40.

-Refer to the figure above.What is the domestic price of calculators in Barylia?

• A) $10 per unit
• B) $30 per unit
• C) $40 per unit
• D) $50 per unit

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Definitions:

Revenues

The total income generated by a firm or organization from its activities, before any expenses are subtracted.

Utility Function

A mathematical representation of how consumer preferences over a set of goods and services are ordered.

Private Consumptions

Expenditures by individuals and households on goods and services for personal use, excluding investments and savings.

Total Amount

The complete or overall sum of quantities or values.