Multiple Choice
In September 2012, the average price of gasoline in the United States was $3.91 per gallon, and consumers purchased nearly 5 percent less gasoline than they had during September 2011, when the average price of gasoline was $3.66 per gallon. Based on these figures, when the price of gasoline rose from $3.66 per gallon to $3.91 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.
Correct Answer:

Verified
Correct Answer:
Verified
Q9: Suppose the absolute value of the price
Q92: The price elasticity of supply is usually
Q111: At a price of $50, Ghani sells
Q112: Article Summary<br>Based on resale prices for tickets
Q204: The price elasticity of supply for umbrellas
Q227: If, for a given percentage decrease in
Q244: The demand for gasoline is perfectly inelastic
Q256: Suppose a 4 percent increase in income
Q265: The cross-price elasticity between Gillette razors and
Q288: The current price of canvas messenger bags