Suppose That the Price of Vanilla Coke Increases by 9

question 42

Multiple Choice

Suppose that the price of Vanilla Coke increases by 9% and quantity demanded falls by 13% overall but only by 4% for loyal Coca-Cola customers.This means that for the general public there are _____ for Vanilla Coke,but for loyal Coca-Cola customers,Vanilla Coke is more of a _____.This means that Coca-Cola will enjoy an increase in total revenue only from _____.

• A) several substitutes;necessity;loyal Coca-Cola customers
• B) few substitutes;luxury item;the general public
• C) no substitutes;necessity;the general public
• D) several substitutes;necessity;the general public

---

Definitions:

Refined Birth Rate

A statistical measure of the number of live births in a year, typically expressed per 1000 people in the population, adjusted for specific criteria or demographics.

Demographic Transition

The process by which a country moves from high birth and death rates to low birth and death rates through stages of development, often leading to a stable or declining population.

Industrialization

The development of industries in a country or region on a wide scale, often marked by technological innovation and economic growth.

Infant Mortality

The death of young children under the age of 1, typically expressed as the number of deaths per 1000 live births in a given year.