Multiple Choice
Scenario: When a monopolist charges $10 for its product, it sells 500 units of the product. When it lowers the price to $6, it sells 1,400 units of the product.
-Refer to the scenario above.What is the change in total revenue due to the price change?
A) Total revenue increases by $350.
B) Total revenue increases by $3,400.
C) Total revenue decreases by $1,650.
D) Total revenue decreases by $2,275.
Correct Answer:
Verified
Correct Answer:
Verified
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