Use the following graph of total revenues to answer the question below. 
If the quantity of product X demanded decreases from 16,000 to 10,000 units, then it suggests that the price of X was
A. reduced and the demand is elastic.
B. increased and the demand is elastic.
C. increased and the demand is inelastic.
D. reduced and the demand is inelastic.
Answer: C
You might also like to view...
One complication that tends to prolong recessionary gaps is that wages
a. are fixed by unions, which represent nearly all workers in the United States. b. tend to rise rapidly. c. rarely fall. d. tend to move in the opposite direction from prices.
Al, Ralph, and Stan are all intending to retire. Each currently has $1 million in assets. Al will earn 16% interest and retire in two years. Ralph will earn 8% interest and retire in four years. Stan will earn 4% interest and retire in eight years. Who will have the largest sum when he retires?
a. Al b. Ralph c. Stan d. They all retire with the same amount.