While the Sales of the Apple IPhone Have Been Great

question 79

Multiple Choice

While the sales of the Apple iPhone have been great from the beginning,when Apple released its iPhone 4S and cut the price of the iPhone 4 from $399 to $199,sales exploded with one million iPhone 4s sold the first weekend.Demand for the iPhone appears to be:

• A) unitary.
• B) predictable.
• C) synergistic.
• D) inelastic.
• E) elastic.

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Definitions:

Fixture

An item of property that is attached to a building or land in such a way that it is considered legally part of the property.

Farmer

An individual or entity engaged in the practice of cultivating land, raising crops, and feeding, breeding, and raising animals or produce as part of agriculture.

Barn

A large building used for the storage of farm products, sheltering livestock, or agricultural equipment storage.

Uniform Commercial Code

A set of laws that provide legal rules and regulations governing commercial or business dealings and transactions.