Figure 5-11 -Refer to Figure 5-11.If the Price Falls from Point a Falls

question 326

Multiple Choice

Figure 5-11

-Refer to Figure 5-11.If the price falls from point A to point B,total revenue

• A) increases, and demand is price elastic.
• B) decreases, and demand is price elastic.
• C) increases, and demand is price inelastic.
• D) decreases, and demand is price inelastic.

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Definitions:

Article 2

A specific portion of the Uniform Commercial Code that governs the sale of goods in the United States.

UCC

The Uniform Commercial Code represents a detailed collection of statutes that regulate business dealings across the United States.

Consideration

A basic principle in contract law regarding the exchange of something valuable between parties forming a contract.

Merchant

An individual or business that deals in goods, or conducts activities covered by commercial laws.