When the Price of Candy Bars Is $1

question 93

Multiple Choice

When the price of candy bars is $1.00,the quantity demanded is 500 per day.When the price falls to $0.80,the quantity demanded increases to 600.Given this information and using the midpoint method,we know that the demand for candy bars is

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

---

Definitions:

Reference Source

Materials or resources used to obtain information or data to support arguments, theories, or ideas.

Internal Locus

Refers to the belief that one's own actions or choices directly influence the outcomes in their life, as opposed to external forces.

Situational Factor

External influences that can impact consumer behavior or the outcome of marketing decisions at a given time.

Functional Needs

The basic requirements that products or services must meet to be considered useful and satisfactory by consumers.