When the Local Used Bookstore Prices Economics Books at $15

question 91

Multiple Choice

When the local used bookstore prices economics books at $15 each,it generally sells 70 books per month.If it lowers the price to $7,sales increase to 90 books per month.Given this information,we know that the price elasticity of demand for economics books is about

• A) 2.91, and an increase in price from $7 to $15 results in an increase in total revenue.
• B) 2.91, and an increase in price from $7 to $15 results in a decrease in total revenue.
• C) 0.34, and an increase in price from $7 to $15 results in an increase in total revenue.
• D) 0.34, and an increase in price from $7 to $15 results in a decrease in total revenue.

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Definitions:

Unethical Close

A closing technique in sales that relies on manipulative or deceitful practices to secure a sale, often disregarding the best interest of the customer.

Pallets

Flat transport structures that support goods in a stable manner while being lifted by forklifts, pallet jacks, or other jacking devices, key in logistics and storage.

Technology Close

A close in which the seller uses technology to present information.

Act Professionally

Conducting oneself in a manner that is ethical, responsible, and respectful within a professional environment, often adhering to the standards and expectations of the profession.