(Figure: The Demand Curve) Use Figure: The Demand Curve.If the price is $8,total revenue is _.If the price is $7,total revenue is _.

A) $24;$16
B) $14;$21
C) $16;$21
D) $10;$10

Question

(Figure: The Demand Curve) Use Figure: The Demand Curve.If the price is $8,total revenue is _____.If the price is $7,total revenue is _____.A) $24;$16B) $14;$21C) $16;$21D) $10;$10

britney beltran · Accepted Answer

Final Answer : C, Explanation :  At a price of $8, the quantity demanded is 3 units, so the total revenue is $8 x 3 = $24.At a price of $7, the quantity demanded is 3.5 units, so the total revenue is $7 x 3.5 = $24.5.Therefore, the best choice is C, as it correctly identifies the total revenue at each price.

(Figure: The Demand Curve) Use Figure: The Demand Curve.If the price is $8,total revenue is _.If the price is $7,total revenue is _.

A) $24;$16
B) $14;$21
C) $16;$21
D) $10;$10

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