You Raised the Price of Your Good by 40% and the Quantity

question 33

Multiple Choice

You raised the price of your good by 40% and the quantity demanded did not change. Demand is:

• A) elastic.
• B) inelastic.
• C) unitary elastic
• D) completely elastic
• E) completely inelastic

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Definitions:

Bundling

Bundling refers to the marketing strategy of selling several products or services together as a single combined unit, often at a discount.

Higher Revenues

An increase in the amount of money received from sales or services, often an objective in businesses aiming to grow or expand.

Reservation Prices

The maximum price a buyer is willing to pay for a good or service or the minimum price a seller is willing to accept.

Bundling

The practice of selling two or more products or services together as a single package, often at a discounted rate.