At a Price of $20, a Store Can Sell 24

question 163

Multiple Choice

At a price of $20, a store can sell 24 picture frames a day. At a price of $18 the store can sell 33 picture frames a day. Since total revenue ________ by the price decrease, demand must be ________.

• A) is increased; elastic
• B) is increased; inelastic
• C) is increased; unit elastic
• D) is decreased; elastic

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Definitions:

Demonstrating Behaviors

The act of showing or exemplifying specific actions or behaviors in order to teach, persuade, or model them to others.

Particular Situation

A specific set of circumstances or context in which events occur or decisions are made.

Family Background

The social, economic, cultural, and educational context from which an individual comes, influencing their development and opportunities.

Beliefs

Refers to the convictions or acceptances that something is true or exists, often without proof.