Ray Just Got a Raise,and Decided to Splurge on a Fancy

question 22

Multiple Choice

Ray just got a raise,and decided to splurge on a fancy dinner to celebrate.The change to Ray's demand for fancy dinners could be measured by the:

• A) price elasticity of supply.
• B) price elasticity of demand.
• C) cross-price elasticity.
• D) income elasticity of demand.

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Definitions:

Online Databases

Digital collections that can be accessed through the internet, containing various types of information including articles, data sets, and multimedia.

Federal Trade Commission

A United States federal agency designed to prevent anticompetitive, deceptive, and unfair business practices.

Human Resources

The department within an organization that focuses on recruiting, managing, and directing people who work in it. They handle issues related to employment, such as compliance with labor laws and employment standards, administration of employee benefits, and some aspects of recruitment and dismissal.