The figure shows a demand curve for Cheerios. Based on this figure, which of the following statements is correct?
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Question

The figure shows a demand curve for Cheerios. Based on this figure, which of the following statements is correct?

Answer

If the firms want to sell at least 24,000 pounds then they need to charge at least $3.

Answer

If the price was $2 then the total demand would be 40,000 pounds.

Answer

There is no demand if the price is set above $7.20.

Answer

The demand curve suggests that to double the amount sold, the price needs to be halved.

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