Specialty Chocolate Bars with a High Cocoa Content Have Been

question 135

Multiple Choice

Specialty chocolate bars with a high cocoa content have been drawing a lot of attention in gourmet circles in 2008 but the price of cocoa beans has increased more than 44 percent in this time period. In response to the increase in the price of cocoa beans, Rogue Chocolatier has increased the price of their gourmet chocolate bars by 20 percent. Rogue notices their firm's total revenue increased after the price increase. We can determine that the demand for Rogue's bars is

• A) inelastic.
• B) elastic.
• C) perfectly inelastic.
• D) unit elastic.

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Definitions:

Sociological Term

A sociological term is a word or phrase used to describe concepts, theories, or phenomena that pertain to the study of society, its structures, functions, and dynamics.

Social Position

The rank or status that an individual holds within the social hierarchy, often determined by wealth, occupation, education, and other social factors.

Status Cues

Visual or verbal signals that indicate a person's social standing, wealth, or rank within a society.

Ethnomethodologist

A sociologist specializing in ethnomethodology, studying the way people make sense of their everyday lives and the methods they use to communicate and interact.