Suppose the Point (Q = 3,400,P = $20)is the Midpoint

question 99

Multiple Choice

Suppose the point (Q = 3,400,P = $20) is the midpoint on a certain downward-sloping,linear demand curve.Then

• A)a decrease in price from $18 to $16 will increase total revenue.
• B)a decrease in price from $24 to $22 will decrease total revenue.
• C)a decrease in the price from $21 to $19 will decrease total revenue.
• D)the maximum value of total revenue is $68,000.

---

Definitions:

Superordinate Goals

These are overarching objectives shared by conflicting parties that can only be achieved through cooperation, thus helping to resolve or mitigate the conflict.

Bystander Effect

a phenomenon where individuals are less likely to offer help to a victim when other people are present, often due to a diffusion of responsibility.

Social Exchange Theory

A theory that describes how the relationship between individuals is formed by weighing the benefits and costs of interacting with each other.

Outgroup Homogeneity

The perception that members of an outgroup are more similar to each other than they really are, typically compared to the perceived diversity within one's own group.