If the Demand for Pizza Increases,then as a Result,it Is

question 21

Multiple Choice

If the demand for pizza increases,then as a result,it is highly likely that the demand for:

• A) chicken nuggets will fall.
• B) soda will increase.
• C) mozzarella cheese will increase.
• D) All of these are a likely result.

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Definitions:

Degree of Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.

Availability of Substitutes

The presence of alternative goods or services that consumers can use in place of another.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price of that good or service changes.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.