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

question 165

Multiple Choice

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

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

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Definitions:

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