Table 11-1 -Refer to Table 11-1

question 309

Multiple Choice

Table 11-1
$$\begin{array} { | c | c | c | } \hline \text { Quantity } & \begin{array} { c } \text { Price } \\\text { (dollars) }\end{array} & \begin{array} { c } \text { Total Revenue } \\\text { (dollars) }\end{array} \\\hline 1 & \$ 7.50 & \$ 7.50 \\\hline 2 & 7.00 & 14.00 \\\hline 3 & 6.50 & 19.50 \\\hline 4 & 6.00 & 24.00 \\\hline 5 & 5.50 & 27.50 \\\hline 6 & 5.00 & 30.00 \\\hline\end{array}$$
-Refer to Table 11-1.The Table shows

• A)an elastic segment of the demand curve.
• B)an inelastic segment of the demand curve.
• C)a demand curve with an elastic segment of the demand curve from $7.50 to $6.50 followed by an inelastic segment.
• D)a demand curve with an inelastic segment of the demand curve from $7.50 to $6.50 followed by an elastic segment.

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Definitions:

Depletion

The allocation of the cost of natural resources over their useful life, reflecting the consumption of the resource.

Metal Ores

Naturally occurring minerals from which metals can be extracted economically.

Amortization

Amortization refers to the process of gradually writing off the initial cost of an asset over a period.

Expense Account

An account that records the costs of operating a business.