Assume That the Supply Curve for a Good Is Fixed

question 156

Multiple Choice

Assume that the supply curve for a good is fixed at 100 units. Now suppose that the demand curve for the good increases such that the equilibrium price rises from $20 to $30. How does total revenue for the sale of this product change?

• A) Total revenue rises by $1,000.
• B) Total revenue does not change.
• C) Total revenue rises by $3,000.
• D) Total revenue rises by $10.

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