Use the Table for the Question(s)below

question 49

Multiple Choice

Use the table for the question(s) below.
Consider the following income statement and other information:

-Luther's Operating Margin for the year ending December 31, 2011 is closest to:

• A)0.5%
• B)0.7%
• C)5.4%
• D)6.8%

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Definitions:

Price Range

The difference between the highest and lowest prices in a given market during a specific period of time.

Supply

The total amount of a good or service available for purchase at any given price level in a given market.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly changed by variations in price.

Elastic

Describes a situation in which the demand or supply for a good or service significantly changes in response to a change in price.