Which of the Following Describes a Situation in Which Demand

question 129

Multiple Choice

Which of the following describes a situation in which demand must be elastic?

• A) Total revenue increases by 15 percent when the price of corndogs rises by 15 percent.
• B) Total revenue increases by less than 15 percent when the price of corndogs rises by 15 percent.
• C) Total revenue decreases by more than 15 percent when the price of corndogs rises by 15 percent.
• D) Total revenue increases by $15 when the price of corndogs rises by $15.
• E) Total revenue increases by more than $15 when the price of corndogs rises by $15.

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Definitions:

Immigration Quotas

Limits set by a country on the number and/or type of immigrants allowed to enter annually, often based on nationality, to control immigration levels.

Cultural Pluralism

A situation or policy that recognizes and respects diversity in culture and encourages the coexistence of different cultures within a society.

Ethnic Diversity

The presence of multiple ethnic groups within a given society, often contributing to a rich cultural mosaic but sometimes leading to social tension and conflict.