Multiple Choice
If Pete raises the price of his muffins from $2 to $3 and his sales revenue increases from $35 000 to $38 000,then:
A) the demand for Pete's muffins in this range is price elastic.
B) the demand for Pete's muffins in this range is price inelastic.
C) the demand for Pete's muffins in this range is unit elastic.
D) the percentage change in quantity demanded must exceed the percentage change in product price.
E) this is impossible since this would violate the law of demand.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Applying supply and demand analysis, with other
Q41: Cars have higher price elasticity of demand
Q45: If the managers of a bus system
Q55: Any downward-sloping straight line demand curve displays:<br>A)
Q73: For many people with diabetes, insulin would
Q77: If the price of Pepsi-Cola increases from
Q108: The imposition of a tax on seller
Q111: If Sam,the Pizza Man,lowers the price of
Q112: Consumers will reduce their demand if they
Q115: If the price elasticity of demand is