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:

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.

Legislation Limits

Restrictions or caps established by laws or regulatory bodies that aim to control or regulate certain activities or behaviors.

Cost Function

A mathematical formula that describes the total cost of production as a function of the quantity of output produced.

Output Of Apples

The total amount of apples produced in a given time period, often used in agricultural and economic analysis.