O-LevelEconomicsMicroeconomic decision makers2281/11 · May/June 2011 · Q201 Mark

A firm raised the price of its product from $10 to $15 and as a result its sales fell from 200 units to 150 units. [Table] What happened to its average revenue and total revenue?

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Aaverage revenue decreased, total revenue decreased

Baverage revenue decreased, total revenue increased

Caverage revenue increased, total revenue decreased

Daverage revenue increased, total revenue increased

✓ Correct answer

D: average revenue increased, total revenue increased

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2011 Paper 1 Variant 1, question 20.

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