At a Price of $3 Each, SHAPE Magazine Sells 1

question 179

Multiple Choice

At a price of $3 each, SHAPE magazine sells 1.25 million copies of its magazine targeted to young women seeking a healthier lifestyle. If the price per issue is increased to $3.25 each, only 1 million copies will be sold. For the information provided, the price elasticity of demand for SHAPE magazine in this price range can be described as:

• A)elastic demand.
• B)unitary demand.
• C)null elasticity.
• D)inelastic demand.

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Definitions:

Civil Wars

Armed conflicts between groups within the same country or state, often fought over political power, territory, or cultural differences.

Imperial Powers

Nations or states that possess vast territories or dominions and exert control over other nations or peoples, often through colonization or conquest.

Gross National Product

The total value of all goods and services produced by a country's residents over a specific time period, including international activities.

Portuguese Colony

A territory overseas that was controlled by Portugal, a significant maritime power during the Age of Discovery.