Essay
Use the graph below to answer the following questions. Put the correct letter in the blank.
a. The elastic section of the graph is represented by section _____.
b. The inelastic section of the graph is represented by section _____.
c. The unit elastic section of the graph is represented by section _____.
d. The portion of the graph in which a decrease in price would cause total revenue to fall is _____.
e. The portion of the graph in which a decrease in price would cause total revenue to rise is _____.
f. The portion of the graph in which a decrease in price would not cause a change in total revenue is _____.
g. The section of the graph in which total revenue would be at a maximum is _____.
h. The section of the graph in which elasticity is greater than one is _____.
i. The section of the graph in which elasticity is equal to one is _____.
j. The section of the graph in which elasticity is less than one is _____.
Correct Answer:

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a. A
b. C
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Correct Answer:
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b. C
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