A Pizza Shop Observes That When It Raises the Price

question 94

Multiple Choice

A pizza shop observes that when it raises the price of the large pizza,total revenue from pizza decreases and when they lower the price of the large pizza,total revenue increases.This suggests that:

• A)pizza lovers act irrationally.
• B)the demand for large pizza must be elastic.
• C)there are few good substitutes for large pizza.
• D)the demand for large pizza must be inelastic.

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Definitions:

Cause-and-Effect Pattern

A method of organizing information in a text that outlines the reasons for (causes) and the outcomes of (effects) specific events or phenomena.

Time Pattern

A method of organizing information based on chronological order or sequence in which events occur.

Task Pattern

A repeated or common way of executing a task or series of tasks, especially in user interface design and user experience studies.

Incident Report

A document detailing the occurrence of an event, often an accident or unexpected incident, within an organization or company, used for future prevention and record-keeping.