When Price Was 10,quantity Demanded Was 50

question 58

Multiple Choice

When price was 10,quantity demanded was 50.When price decreased to 8,quantity demanded increased to 60.Therefore,when price decreased,total revenue

• A) decreased from 500 to 480, indicating that demand is inelastic.
• B) decreased from 500 to 480, indicating that demand is elastic.
• C) increased from 480 to 500, indicating that demand is inelastic.
• D) increased from 480 to 500, indicating that demand is elastic.

---

Definitions:

Ulrich Beck

A German sociologist best known for his theory of "risk society," highlighting the ways modern society deals with risks and uncertainties.

Zygmunt Bauman

A sociologist known for his analyses of modernity, postmodernity, and the societal impacts of globalization, consumerism, and ethics.

Eastern

Referring to the regions, cultures, or characteristics of the East, often in context of geography, like Asia, or in comparison to the Western world.

Western

Pertaining to or characteristic of the cultures, institutions, and thought originating from or associated with Europe and North America.