tb mc qu. 06-156 answer the question based on... answer the question based on the following table, which…

tb mc qu. 06-156 answer the question based on... answer the question based on the following table, which shows a demand schedule. \n| price | quantity demanded |\n| ---- | ---- |\n| $ 5 | 10 |\n| 4 | 13 |\n| 3 | 15 |\n| 2 | 19 |\n| 1 | 25 |\nat a price of $3, the total revenues of sellers will be\nmultiple choice\n$12.\n$18.\n$45.\n$5.

tb mc qu. 06-156 answer the question based on... answer the question based on the following table, which shows a demand schedule. \n| price | quantity demanded |\n| ---- | ---- |\n| $ 5 | 10 |\n| 4 | 13 |\n| 3 | 15 |\n| 2 | 19 |\n| 1 | 25 |\nat a price of $3, the total revenues of sellers will be\nmultiple choice\n$12.\n$18.\n$45.\n$5.

Answer

Explanation:

Step1: Recall revenue formula

Total revenue = Price × Quantity Demanded

Step2: Find values from table

When price = $3, quantity demanded = 15

Step3: Calculate total revenue

Total revenue = 3×15 = 45

Answer:

C. $45