Use the Following to Answer Questions

question 122

Multiple Choice

Use the following to answer questions:
Figure: Supply and Demand 2
-(Figure: Supply and Demand 2) If the government sets the price at $8 in this figure, demanders are willing to pay ______ per unit for ______ units.

• A) $8; 12
• B) $8; 6
• C) $14; 12
• D) $14; 6

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Definitions:

Total Revenue

The total amount of money generated by a business from selling goods or services before any expenses are subtracted.

Loss-Minimizing

A strategy or approach aimed at reducing losses as much as possible, often used in business and economic contexts.

Marginal Cost

The cost incurred by producing one additional unit of a good or service.

Output

The total amount of goods and services produced by an economic system.