Refer to the total revenue graph above. If the quantity of product X demanded falls from 14,000 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)reduced and the demand is inelastic.
D)increased and the demand is inelastic.

Question

Refer to the total revenue graph above. If the quantity of product X demanded falls from 14,000 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)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. If the quantity of product X demanded falls from 14,000 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)reduced and the demand is inelastic. 
D)increased and the demand is inelastic.

Refer to the Total Revenue Graph Above