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

Answer

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

Answer

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

Answer

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

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