If Carnival Cruise Lines Increased the Price of Its Seven-Day

question 142

Multiple Choice

If Carnival Cruise Lines increased the price of its seven-day cruise package by 10 percent and, as a result, experienced a 20 percent decline in customer bookings, Carnival's demand would be

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

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Definitions:

Real Property

Land and anything permanently affixed to it, such as buildings and trees, considered a form of real estate.

Personal Property

Items of property that are not fixed to one location and can be moved, such as furniture, vehicles, and electronics.

Classification

The systematic arrangement into categories or groups based on shared characteristics or criteria.

Ascertainable Value

A clear and definite value that can be precisely identified or determined, often used in contexts involving contracts or financial transactions.