(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

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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### 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.
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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