If at a Price of $24, Octavia Sells 36 Home-Grown

question 205

Multiple Choice

If at a price of $24, Octavia sells 36 home-grown orchids and at $30 she sells 24 home-grown orchids, the demand for her orchids is

• A)elastic.
• B)inelastic.
• C)unit elastic.
• D)perfectly elastic.

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Definitions:

Bailees

Individuals or entities who have temporary possession or custody of personal property belonging to another.

Common Carriers

Businesses that offer transportation services to the public under the authority of a regulatory body.

Reward

A benefit, often monetary, given in recognition of one's service, effort, or achievement.

Bailment

A legal relationship in which physical possession of personal property is transferred from one party to another, with the obligation of safekeeping.