Multiple Choice
"Smitty's Hot Boiled Peanuts" recently reported that its revenue increased from the previous quarter,along with its profits.What is the most likely explanation for this change,if the only change Smitty's made was in its price?
A) Price decreased and demand was inelastic.
B) Price increased and demand was inelastic.
C) Demand was unit elastic.
D) Price decreased and demand was elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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