Suppose 1000 Units of a Good Are Sold at $10

question 216

Multiple Choice

Suppose 1000 units of a good are sold at $10 a unit. If its price increases to $20 and total revenue increases to $20,000 and increases by $1000 for every dollar increase in price after that, we know that

• A) demand is perfectly elastic.
• B) the demand curve is vertical.
• C) the demand curve is downward sloping and the firm is on the inelastic portion of the demand curve.
• D) the demand curve is a rectangular hyperbola.

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Definitions:

Sex Glands

Organs in the body responsible for producing sex hormones and gametes, crucial for reproductive functions.

Secondary

Pertaining to the second level or stage in a sequence or process.

Sex Characteristics

The traits that distinguish the biological sexes of male and female, including primary characteristics like reproductive organs and secondary characteristics like body hair distribution.

Menstrual Period

The monthly discharge of blood and mucosal tissue from the inner lining of the uterus through the vagina.