QUESTION 15 Total revenue is defined as O a\' price plus quantity sold O b. pric

Question

QUESTION 15 Total revenue is defined as O a' price plus quantity sold O b. price minus quantity sold O c. quantity divided by price sold o d. price divided by quantity sold O e. price multiplied by quantity sold QUESTION 16 The law of demand states that price and quantity demanded are O a. positively related. ceteris paribus o b. inversely related, ceteris paribus O c. directly related, ceteris paribus O d. independent. QUESTION 17 If the current market price is below equilibrium o a. it must be because the government has imposed a price ceiling o b. there is a shortage of the product. O c. there is a surplus of the product. o d. demand must necessarily decrease to restore equilibrium e. a and b QUESTION 18 Price rises from $10 to $11, and the quantity demanded falls from 100 units to 95 units. What is the price elasticity of demand between these two prices? O a. 5.00 b. 1.86 ? ?. 1.64 O d. 0.54

Explanation / Answer

15. total revenue is defined as Price multiplied by quantity sold. (Option D ) 16. the law of demand states that price and quantity demanded are Inversly related to each other (Option B) 17. if the current market price is below equilibrium the demand must necessarily decrease to restore equilibrium. (Option D)

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