In a Snack Vending Machine,consumers Can Choose One of Up

question 23

Multiple Choice

In a snack vending machine,consumers can choose one of up to of 20 choices.These snacks are

• A)an ideal example of unitary demand.
• B)likely to have a price elasticity equal to 1.
• C)more likely to be price elastic.
• D)likely to have a price elasticity less than 1.
• E)more likely to be price inelastic.

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Definitions:

Physical Characteristics

The tangible attributes or features of an object, person, or location that can be observed with the senses.

Labor Supply

The total hours that workers or employees are willing to work at a given wage rate, or the availability of workers available to work in an economy.

Flexible Manufacturing

A system that allows for easy adaptation to changes in product design and demand by using versatile equipment and computer systems.