Figure 5-12 -Refer to Figure 5-12.Which of the Following Price Changes Would

question 26

Multiple Choice

Figure 5-12
-Refer to Figure 5-12.Which of the following price changes would result in no change in sellers' total revenue?

• A)The price increases from $15 to $21.
• B)The price increases from $18 to $21.
• C)The price decreases from $24 to $18.
• D)The price decreases from $27 to $24.

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Definitions:

Marginal Product

The extra production yielded from the use of one additional unit of a specific input while keeping all other inputs unchanged.

Labor

Refers to human effort, both physical and mental, used in the production of goods and services.

Output

Output is the quantity of goods or services produced by a company, industry, or economy within a specified period.

Average Product

The output per unit of input, calculated by dividing total output by the quantity of inputs.