Scenario 19

question 110

Multiple Choice

Scenario 19.1 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 19.1. If Concession Supply increased its price by 10% and experienced only a 2% decrease in the demand for hotdogs, the demand would be

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

---

Definitions:

M.D.

An abbreviation for Doctor of Medicine, a professional degree for physicians and surgeons.

Spell Out

To explain something in very clear terms with no ambiguity or to write or display something in its entirety.

First Use

The initial occurrence or application of something, such as a term, invention, or procedure.

General Writing

A broad category of writing that encompasses various forms, including literary compositions, correspondences, reports, and everyday text, not confined to specialized or technical contexts.