The Price of Product X Is Reduced from $100 to $90

question 173

Multiple Choice

The price of product X is reduced from $100 to $90 and, as a result, the quantity demanded increases from 50 to 60 units. Therefore, demand for X in this price range

• A)has declined.
• B)is of unit elasticity.
• C)is inelastic.
• D)is elastic.

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Definitions:

Offeree's Duty

The legal obligations or responsibilities of a person or entity to whom an offer is made, especially in contract formation.

Imposed

Set or laid as a burden, duty, tax, or penalty; usually applied or enforced authoritatively.

Acceptance

The act of agreeing to the terms of an offer, thereby creating a binding contract.

Written Document

A physical or digital record that contains information or evidence in a format that can be read or understood.