Multiple Choice
The owner of a local pretzel cart has estimated that if he lowers the price of pretzels from $4.00 to $3.00, he will increase sales from 800 to 1,100 pretzels per day. Using the midpoint formula, the demand for pretzels is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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