Use the following to answer 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;$16
B)$14;$21
C)$16;$21
D)$10;$10

Question

Use the following to answer 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;$16 
B)$14;$21 
C)$16;$21 
D)$10;$10

Quizplus · Accepted Answer

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.

Use the Following to Answer Question