If Sam's,a Local Watering Hole,increased the Price of a Pint

question 15

Multiple Choice

If Sam's,a local watering hole,increased the price of a pint of Guinness by 20%,it estimates the number of MBA students purchasing Guinness would decrease by 4%.Based on this data,

• A)total revenues would increase because demand is elastic.
• B)total revenues would decrease because demand is elastic.
• C)total revenues would remain the same.
• D)total revenues would increase because demand is inelastic.

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Definitions:

Discomfort

A feeling of physical or emotional unease or distress.

Compassionate Identity

The aspect of an individual's self-concept that is related to feelings, expressions, and acts of compassion toward others.

Social Norms

Accepted behaviors that are considered standard within a group or society.

Cognitive Dissonance

The psychological discomfort experienced when holding two or more conflicting cognitions (ideas, beliefs, values, or emotional reactions).