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According to the graph, total revenue at a price of $\$ 20$ would be $\$ 9,000.00$ $\$ 8,000.00$ $\$ 5,000.00$ $\$ 3,000.00$ Question 32 ( 2.5 points) According to the graph, when price rises from $\$ 20$ to $\$ 30$ we know that demand must be elastic, since total revenue increases from $\$ 8000$ to $\$ 9000$. inelastic, since total revenue increases from $\$ 8000$ to $\$ 9000$. inelastic, since total revenue decreases from $\$ 9000$ to $\$ 8000$. unit elastic, since total revenue decreases from $\$ 9000$ to $\$ 8000$.


"The price of gasoline rose from $\$ 2$ per gallon to $\$ 3$ per gallon and the supply of gasoline increased as a result." Find the inaccuracy in the statement. It would be correct if "demand" were substituted for the word "supply." If would be correct if "quantity supplied" were substituted for the word "supply." It would be correct if it read that supply "increased" rather than "decreased." It would be correct if it read that "quantity demanded of gasoline increased" as a result.

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