Scenario 12.1 Use the Following to Answer the Questions

question 147

Multiple Choice

Scenario 12.1
Use the following to answer the questions.
Concession Supply sells hotdogs, buns, and nacho ingredients to several major league ballparks across the country. Currently, Concession Supply has the following pricing information for one case of hotdogs sold at Wrigley Field: Total fixed costs = $1,200, Selling price = $16, and Variable costs = $6.
-Refer to Scenario 12.1. If Concession Supply increased its price by 10 percent and experienced only a 2 percent decrease in the demand for hotdogs, the demand would be:

• A) inelastic.
• B) constant
• C) prestige.
• D) elastic.
• E) marginal.

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Definitions:

Procedural Justice

The fairness in the processes that resolve disputes and allocate resources, emphasizing transparency, and consistency in the procedures.

Job Evaluation

A systematic process of determining the relative worth of jobs to establish which jobs should be paid more than others within an organization.

Employees' Perceptions

The way employees view or interpret actions, policies, and the environment of their workplace.

Nonexempt

Refers to employees who are covered by the minimum wage and overtime provisions of the Fair Labor Standards Act (FLSA).