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01 Dec 2023, 10:47
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B
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Difficulty:
95%
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Question Stats:
26% (02:16) correct
74%
(02:32)
wrong
based on 118
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The price of a precious metal, sold at cost by identical ( in all relevant aspects ) refineries that minimise average costs, is inversely proportional to its demand. Recently, a new way to process the ore was discovered, yielding higher quantities of the refined metal per kilogram of ore, at a higher cost per kilogram of ore processed. All refineries are capable of implementing this new process at a moment's notice. Ore processing costs are the only costs that refineries bear.
If the statements above are true, which one of the statements below cannot be true?
A) Demand for the metal stayed unchanged
B) The total revenue of the refineries increased
C) The price of the metal decreased
D) The total revenue of the refineries stayed unchanged
E) Demand for the metal increased
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If the statements above are true, which one of the statements below cannot be true?
A) Demand for the metal stayed unchanged
B) The total revenue of the refineries increased
C) The price of the metal decreased
D) The total revenue of the refineries stayed unchanged
E) Demand for the metal increased
Posted from my mobile device
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17 Dec 2023, 08:19
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why is option B correct. The metal produced per kg of ore increased. the ore processing also got more expensive. Since we dont know by what percentage both the factors increased, how can we say that the revenue couldnt have increased?
21 Dec 2023, 00:56
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Kindly explain each choice in detail?
