-Refer to the Graphs Above to Answer This Question

question 149

Multiple Choice

-Refer to the graphs above to answer this question.Suppose that the price of orange juice increases from P₁ to P₂ and the demand curve for apple juice shifts to the right from D₁ to D₂.What is the effect to total revenue from the sale of apple juice?

• A)Total revenue will not change since the cross-elasticity coefficient is not known.
• B)Total revenue will rise.
• C)Total revenue may rise or fall depending on the size of the price increase.
• D)Total revenue will fall.
• E)Total revenue will not change since there is no change in the price of apple juice.

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Definitions:

Social Processes

Patterns of social interactions and behaviors among individuals and groups, shaping societal norms and relationships.

New-Car Buying

The process of researching, locating, and purchasing a brand-new vehicle, typically involving comparison of models, test drives, and negotiation of terms.

Influence

The capacity to have an effect on the character, development, or behavior of someone or something, or the effect itself.

Percentage

A portion of 100, used to define a fraction of a total amount in terms of hundredths.