At a Price of $8 Per Dozen, Chuy Sells 40

question 158

Multiple Choice

At a price of $8 per dozen, Chuy sells 40 dozen homemade tamales per week.When he raised his price to $12 per dozen, he still sold 40 dozen per week.Based on this information, the demand for his tamales is

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

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Definitions:

Feedback Loop

A system structure that feeds back the output into the input to control the operation or response of a system.

Data Latching

A technique used to read the value of the input data that will be operated on by the instructions with a function block.

Credit Risk

The possibility of a loss resulting from a borrower's failure to repay a loan or meet contractual obligations.

Bond Issuer

The entity, either a corporation or a government, that borrows funds by selling bonds and is obligated to pay interest on them as well as repay the principal amount at maturity.