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Concha Y Toro,a Chilean Wine,has Reduced the Price of One

Question 111

Multiple Choice

Concha y Toro,a Chilean wine,has reduced the price of one bottle from $10 to $8.It previously sold 420 bottles in the month prior to the price reduction,and it now sells 525 bottles per month.It is experiencing:


A) consumer surplus
B) inelastic demand
C) elastic demand
D) unitary elasticity
E) producer shortage

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