FIGURE 12-5 -Figure 12-5 Above Shows That When the Price Moves from Price

question 208

Multiple Choice

FIGURE 12-5
-Figure 12-5 above shows that when the price moves from $2.00 to $1.50 per unit, the quantity demanded

• A)increases from 3.0 to 4.5 million units per year.
• B)decreases from 4.5 to 3.0 million units per year.
• C)increases from 3.0 to 7.5 million units per year.
• D)decreases from 7.5 to 3.0 million units per year.
• E)stays the same.

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Definitions:

Break-even Point

The level of sales or production at which total revenues equal total costs, resulting in neither profit nor loss.

Contribution Margin

The selling price of a product minus the variable cost per unit, used to cover fixed costs and contribute to net profit.

Fixed Costs

Expenses that do not change with the level of production or sales activities within a short time.

Variable Costs

Expenses which are dependent on the volume of activity within a business.