Suppose the Price of Vanilla Coke Increases by 9% and Quantity

question 21

Multiple Choice

Suppose the price of Vanilla Coke increases by 9% and quantity demanded falls by 13% overall but only by 4% for loyal Coca-Cola customers. This means that for the general public there are _____ for Vanilla Coke, but for loyal Coca-Cola customers, Vanilla Coke is more of a _____ item. This means that Coca-Cola will enjoy an increase in total revenue only from _____.

• A) several substitutes; necessity; loyal Coca-Cola customers
• B) few substitutes; luxury; the general public
• C) no substitutes; necessity; the general public
• D) several substitutes; necessity; the general public

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Definitions:

Main Arguments

The central points or assertions presented in a debate, essay, or other forms of discourse to support a specific position or perspective.

British

The term "British" refers to anything related to the United Kingdom of Great Britain and Northern Ireland, including its culture, people, or history.

Colonials

People from a country that has been colonized, especially during the period of European colonial expansion, or the settlers and administrators who lived in colonies.

Indians

Indigenous peoples of the Americas, often referred to in a context specific to the country being discussed, such as Native Americans in the United States.