If a Shift in the Demand Curve That Raises the Price

question 446

Multiple Choice

If a shift in the demand curve that raises the price of oranges from $7 to $9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the

• A) supply of oranges is elastic.
• B) supply of oranges is inelastic.
• C) demand for oranges is elastic.
• D) demand for oranges is inelastic.

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Definitions:

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A term used to describe a breach of contract that is too minor to merit legal action or consideration.