For the Demand Function P = 24 - 3Q

question 31

Multiple Choice

For the demand function P = 24 - 3Q

• A)Demand is inelastic at price 16
• B)Total revenue is maximized at price 12
• C)Unitary elasticity occurs at price 2
• D)Demand is elastic at price 12

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Definitions:

Price Level

The mean price point of all goods and services within the economic framework.

Disposable Income

After-tax financial resources available to households for the purposes of saving and spending.

Unemployment Level

The proportion of the workforce that is not currently employed but actively seeking employment.

Interest Rate

is the cost of borrowing money or the return for investing, usually expressed as a percentage of the principal over a one-year period.