Figure 5-17 -Refer to Figure 5-17.If,holding the Supply Curve Fixed,there Were an Fixed,there

question 48

Multiple Choice

Figure 5-17
-Refer to Figure 5-17.If,holding the supply curve fixed,there were an increase in demand that caused the equilibrium price to increase from $6 to $7,then sellers' total revenue would

• A)increase.
• B)decrease.
• C)remain unchanged.
• D)The effect on total revenue cannot be determined from the given information.

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Definitions:

Developed Countries

Nations with advanced economic systems, high standards of living, and well-established infrastructure.

Manufactured Goods

Products that have been processed or assembled from raw materials into finished items ready for the consumer marketplace.

Human Needs

Fundamental requirements necessary for individuals to live healthy and stable lives, such as food, water, shelter, and safety.

Ecological Footprint

A measure of how much natural resources an individual or population consumes compared to how much nature can regenerate.