A) $94 000 B) $100 000

question 37

Multiple Choice

• A) $94 000
• B) $100 000
• C) $106 000
• D) Unable to be calculated

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.

Price Elasticity

The degree to which demand for an item is affected by fluctuations in its cost.

Demand

The willingness and ability of consumers to purchase goods or services at various price levels.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a responsive market.