"Last October, Due to an Early Frost, the Price of a Pumpkin

question 200

Multiple Choice

"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million." Based on this statement, the

• A) demand for pumpkins is elastic.
• B) demand for pumpkins is inelastic.
• C) demand for pumpkins is unit elastic.
• D) demand curve for pumpkins shifted rightward.

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Definitions:

Key Traits

Essential characteristics or qualities uniquely defining a person, object, or phenomenon.

Halo Effect

A cognitive bias in which an observer's overall impression of a person, company, brand, or product influences their feelings and thoughts about that entity's character or properties.

Performance Evaluation

A systematic process to review and assess an individual's work performance over a specific period.

Competition For Talent

The intense rivalry among businesses to attract and retain highly skilled professionals to gain a competitive advantage.