When the NES Group Lowered the Price of Its Professional-Grade

question 49

Multiple Choice

When the NES Group lowered the price of its professional-grade meat slicers from $2,300 to $1,600,demand doubled from four units sold per month to eight units per month.However,total revenue dropped.This is an example of:

• A) substitute goods
• B) unitary elasticity
• C) elastic demand
• D) consumer shortage
• E) inelastic demand

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Definitions:

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