Multiple Choice
Your younger sister needs $80 to buy a new longboard.She has opened a lemonade stand to make the money she needs.She currently is charging $1 per cup,but wants to adjust her price to earn the money faster.What is your advice to her
A) If the demand for lemonade is perfectly elastic, leave the price the same and be patient.
B) If the demand for lemonade is elastic, raise the price to increase total revenue.
C) If the demand for lemonade is elastic, lower the price to increase total revenue.
D) If the demand for lemonade is inelastic, lower the price to increase total revenue.
Correct Answer:
Verified
Correct Answer:
Verified
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