Multiple Choice
No matter what the price of coffee is in the cafeteria, Jim spends $20 a week on coffee. We can conclude that
A) Jim's demand for coffee is perfectly elastic.
B) Jim's demand for coffee is perfectly inelastic.
C) Jim buys fewer cups of coffee when the price is higher.
D) Jim buys fewer cups of coffee when the price is lower.
Correct Answer:
Verified
Correct Answer:
Verified
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