What Does the Following Statement Imply About Price Elasticity of Demand

question 146

Multiple Choice

What does the following statement imply about price elasticity of demand? "Cherry producers in British Columbia experienced a healthy increase in revenues this year,despite a reduced harvest due to poor weather conditions."

• A)elastic demand for B.C.cherries
• B)elasticity of demand equal to one for B.C.cherries
• C)inelastic demand for B.C.cherries
• D)elasticity of demand equal to zero for B.C.cherries
• E)infinite elasticity of demand for B.C.cherries

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Definitions:

Business Decisions

The process by which a company determines and implements strategic actions to achieve its objectives.