When the Price of Chocolate-Covered Peanuts Increases from $1

question 192

Multiple Choice

When the price of chocolate-covered peanuts increases from $1.55 to $2.00,the quantity demanded decreases from 220 to 160.In this price range,the demand for chocolate-covered peanuts is _____,and total revenue will _____ when the price increases.

• A)elastic;increase
• B)elastic;decrease
• C)inelastic;increase
• D)inelastic;decrease

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Definitions:

MEO

Stands for Medium Earth Orbit, referring to a satellite system placed at an altitude between low earth and geostationary orbits, often used for communication and navigation.

Global Coverage

The extent to which a service, such as telecommunications, is available worldwide or across a wide area.

GEO

Stands for Geostationary Earth Orbit, a circular orbit around Earth that matches the Earth's rotation, allowing satellites to appear stationary relative to a point on Earth.

LEO

An acronym for Low Earth Orbit, which refers to a satellite orbit less than 2,000 kilometers above the Earth's surface, commonly used for telecommunications, military reconnaissance, and scientific observation.