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27 Nov 2019

A downward sloping demand curve means _________.
you have to lower your price to sell more
demand falls as output rises
demand rises as output rises
total revenue declines as price is lowered

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Jarrod Robel
Jarrod RobelLv2
11 Sep 2019
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Related questions

9. A price-taking firm faces a A) perfectly inelastic demand. B) downward-sloping marginal revenue curve. downward-sloping supply curve. perfectly elastic demand. E) downward-sloping demand curve. D)

Figure 22-1

Total Output

Total Revenue

Total Cost

0

$0

$1,000

1

$1,700

$2,000

2

$3,300

$2,800

3

$4,800

$3,500

4

$6,200

$4,000

5

$7,500

$4,500

6

$8,700

$5,200

7

$9,800

$6,000

8

$10,800

$7,000

9

$11,700

$9,000



Using Figure 22-1, in order to increase profit the firm should increase output until the ____ unit of output.

Select one:

a. fifth

b. sixth

c. seventh

d. eighth

e. ninth

For a straight-line, downward-sloping demand curve, total revenue is maximized

Select one:

a. where demand is price-elastic.

b. at the midpoint of the demand curve.

c. where demand is price-inelastic.

d. at the horizontal intercept of the demand curve.

e. None of the above.

With a downward-sloping demand curve, average revenue is equal to price. True or False?

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