If the Price Elasticity of Demand for Cell Phone Service

question 36

Multiple Choice

If the price elasticity of demand for cell phone service is 3,if the price increases by 1%,quantity demanded decreases by:

• A)0.33%.
• B)0.67%.
• C)1.33%.
• D)3%.

---

Definitions:

Franchising

A business model where a brand owner allows other individuals or entities to operate a business under the brand's name, sharing profits and adhering to established standards.

ICHOR Restaurant Group

A specific entity or brand in the hospitality industry, likely focusing on dining experiences. (Assumed to be a real entity, but NO if not identifiable as a widely recognized term.)

Corporate-Owned Locations

Stores or facilities that are directly owned and operated by the parent company, as opposed to being franchised.

Entrepreneurial Thinking

A mindset that embraces innovation, risk-taking, and the creation of new value or ventures through business strategies.