Refer to the total revenue graph above. An increase in the quantity of product X demanded from 14,000 to 16,000 units implies that the price of product X was
A)reduced and the demand is elastic.
B)increased and the demand is elastic.
C)reduced and the demand is inelastic.
D)increased and the demand is inelastic.

Question

Refer to the total revenue graph above. An increase in the quantity of product X demanded from 14,000 to 16,000 units implies that the price of product X was
A)reduced and the demand is elastic. 
B)increased and the demand is elastic. 
C)reduced and the demand is inelastic. 
D)increased and the demand is inelastic.

Quizplus · Accepted Answer

The Answer of  Refer to the total revenue graph above. An increase in the quantity of product X demanded from 14,000 to 16,000 units implies that the price of product X was
A)reduced and the demand is elastic. 
B)increased and the demand is elastic. 
C)reduced and the demand is inelastic. 
D)increased and the demand is inelastic.

Refer to the Total Revenue Graph Above