(1) (2) (3) Quantity Marginal Price Sold Revenue $14 100 $14 101 A $14 102 $14 103 C $14 104 Refer to Exhibit 23-1. The demand curve represented by the information in this table is O downward-sloping. O upward-sloping. horizontal. vertical. %24
(1) (2) (3) Quantity Marginal Price Sold Revenue $14 100 $14 101 A $14 102 $14 103 C $14 104 Refer to Exhibit 23-1. The demand curve represented by the information in this table is O downward-sloping. O upward-sloping. horizontal. vertical. %24
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I'm not sure if I got the right answer, I want to know if I did.
![### Exhibit 23-1
The table below provides data on the price, quantity sold, and marginal revenue for a product.
| (1) Price | (2) Quantity Sold | (3) Marginal Revenue |
|-----------|--------------------|-----------------------|
| $14 | 100 | |
| $14 | 101 | A |
| $14 | 102 | B |
| $14 | 103 | C |
| $14 | 104 | D |
### Analysis
Refer to Exhibit 23-1. The demand curve represented by the information in this table is:
- [ ] downward-sloping
- [ ] upward-sloping
- [x] horizontal
- [ ] vertical
Based on the table, the price of the product remains constant at $14 regardless of the quantity sold. This indicates that the demand curve is horizontal, reflecting perfect elasticity where the product's price does not change with different quantities sold.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F774160a2-37d0-4dc7-9556-db47e02bca17%2Fa5d2766d-29f9-4602-bb52-5adfae3c5c7a%2Fhlegvz.jpeg&w=3840&q=75)
Transcribed Image Text:### Exhibit 23-1
The table below provides data on the price, quantity sold, and marginal revenue for a product.
| (1) Price | (2) Quantity Sold | (3) Marginal Revenue |
|-----------|--------------------|-----------------------|
| $14 | 100 | |
| $14 | 101 | A |
| $14 | 102 | B |
| $14 | 103 | C |
| $14 | 104 | D |
### Analysis
Refer to Exhibit 23-1. The demand curve represented by the information in this table is:
- [ ] downward-sloping
- [ ] upward-sloping
- [x] horizontal
- [ ] vertical
Based on the table, the price of the product remains constant at $14 regardless of the quantity sold. This indicates that the demand curve is horizontal, reflecting perfect elasticity where the product's price does not change with different quantities sold.
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