The Owner of a Local Hot Dog Stand Has Estimated

question 26

Multiple Choice

The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from $2.50 to $2.00, he will increase sales from 400 to 500 hot dogs per day. The demand for hot dogs is:

• A) perfectly elastic
• B) inelastic
• C) elastic
• D) unit elastic

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