Use the following to answer questions:
Figure: The Demand Curve for Oil
-(Figure: The Demand Curve for Oil) Look at the figure The Demand Curve for Oil. Demand is price _____ between $20 and $21, since total revenue _____ when the price _____.
A) elastic; increases; decreases
B) inelastic; stays the same; decreases
C) elastic; decreases; increases
D) inelastic; increases; increases

Question

Use the following to answer questions:
Figure: The Demand Curve for Oil 
-(Figure: The Demand Curve for Oil) Look at the figure The Demand Curve for Oil. Demand is price _____ between $20 and $21, since total revenue _____ when the price _____.
A) elastic; increases; decreases 
B) inelastic; stays the same; decreases 
C) elastic; decreases; increases 
D) inelastic; increases; increases

Quizplus · Accepted Answer

The Answer of Use the following to answer questions:
Figure: The Demand Curve for Oil 
-(Figure: The Demand Curve for Oil) Look at the figure The Demand Curve for Oil. Demand is price _____ between $20 and $21, since total revenue _____ when the price _____.
A) elastic; increases; decreases 
B) inelastic; stays the same; decreases 
C) elastic; decreases; increases 
D) inelastic; increases; increases

Use the Following to Answer Questions