The demand function for Super Big Bright LED light bulbs is Qd = (45 million) - (3.5 million × P). The company is currently charging a price of $8 per bulb, but is considering increasing the price to $10. How will the increase in price affect the quantity demanded?
A) Consumers will increase the quantity demanded by 10 million.
B) Consumers will increase the quantity demanded by 7 million.
C) Consumers will decrease the quantity demanded by 7 million.
D) Consumers will decrease the quantity demanded by 10 million.
C) Consumers will decrease the quantity demanded by 7 million.
You might also like to view...
A linguistic anthropologist sits down and starts asking you questions like these: What are the steps to selecting a class? Is what time the class happens something you think about when you select a class? What other things do you think about when you select a class? This linguistic anthropologist is probably constructing
a. a self-help book. b. a grammar of university student English. c. a taxonomy describing your mental map. d. a survey of student attitudes about courses.
What does the holistic approach in anthropology involve?
What will be an ideal response?
The Narmer palette records:
A. the exodus of Moses. B. the unification of Upper and Lower Egypt. C. the conquest of Nubia. D. the conquest of Sumer.
Band- and tribal-level societies actively promote craft and task specialization.
Answer the following statement true (T) or false (F)