Use the Table Below to Answer the Following Questions

question 72

Multiple Choice

Use the table below to answer the following questions.
Table 4.1.1
Demand schedule for good A.

-Refer to Table 4.1.1. If the price of good A falls from $4 to $3,

• A)total revenue will increase.
• B)total revenue will remain constant.
• C)demand is elastic in this range.
• D)demand is unit elastic in this range.
• E)demand is inelastic in this range.

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Definitions:

Mixed Goods-Services

Mixed goods-services refer to transactions that involve a combination of tangible products and intangible services in a single offering to consumers.

Federal Government

is the national government of a federal state, which holds the authority over the entire nation, distinct from state or local governments.

Good Faith

Acting with honesty and sincerity without any intention to deceive or defraud.

UCC

The Uniform Commercial Code, a set of laws that provide legal standards and regulations for commercial transactions and dealings across the United States.