As the Price of Bananas Fell from $0

question 378

Multiple Choice

As the price of bananas fell from $0.60 to $0.40 a pound, the quantity demanded rose from 300 pounds of bananas consumed to 500 pounds of bananas consumed. In this example, demand for bananas is

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

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Definitions:

Victim

An individual or entity who suffers harm or loss as a result of a crime, accident, or other event.

Risk

The potential of losing something of value or the chance that an investment's actual return will differ from the expected return, encompassing a variety of types including financial and non-financial risks.

Title

A legal term referring to the rightful ownership of property, assets, or a formal position.

Consumer Protection

Laws and regulations designed to ensure the rights of consumers as well as fair trade, competition, and accurate information in the marketplace.