What Does the Following Statement Imply About Price Elasticity of Demand

question 146

Multiple Choice

What does the following statement imply about price elasticity of demand? "Cherry producers in British Columbia experienced a healthy increase in revenues this year,despite a reduced harvest due to poor weather conditions."

• A)elastic demand for B.C.cherries
• B)elasticity of demand equal to one for B.C.cherries
• C)inelastic demand for B.C.cherries
• D)elasticity of demand equal to zero for B.C.cherries
• E)infinite elasticity of demand for B.C.cherries

---

Definitions:

Late 1950s

Refers to the period towards the end of the decade of the 1950s, a time characterized by significant cultural, political, and technological changes.

Canada

A country located in the northern part of North America, consisting of ten provinces and three territories, extending from the Atlantic to the Pacific Ocean.

Nuclear Family

A family group consisting of parents (usually a mother and father) and their children, living together as a single unit.

Post-World War II

The period following the end of World War II in 1945, marked by significant geopolitical, social, and economic changes worldwide.