In May 2011,the average price of gasoline in the United States was $3.76 per gallon,and consumers purchased nearly 5 percent less gasoline than they had during May 2010,when the average price of gasoline was $2.79 per gallon.Based on these figures,when the price of gasoline rose from $2.79 per gallon to $3.76 per gallon,total revenue
A)increased.
B)decreased.
C)did not change.
D)There is not enough information to determine what happened to total revenue.

Question

Quizplus · Accepted Answer

The price increase from $2.79 to $3.76 is significant, and even though the quantity purchased decreased by 5%, the higher price likely led to an increase in total revenue.

In May 2011,the Average Price of Gasoline in the United