If 100 Shirts Are Sold When the Unit Price Is

question 122

Multiple Choice

If 100 shirts are sold when the unit price is $10, while 75 shirts are sold when the unit price is $15, one can conclude that in this price range,

• A)demand for the shirts is elastic.
• B)demand for the shirts is inelastic.
• C)demand for the shirts has shifted to the right.
• D)consumers are quite sensitive to changes in the price of the shirt.

---

Definitions:

Foreign Currency

Currency used in a country other than one’s own, requiring exchange rate conversion for transactions and financial reporting.

Closing Rate

The exchange rate used to convert foreign currency transactions and balances into the reporting currency of a company at the end of an accounting period.

Historical Rate

The exchange rate at which a foreign currency transaction was converted into the reporting currency at the time of the transaction.

Fluctuation

Variations or changes in value or level, often used in the context of financial markets or economic indicators.