Table 24-11

question 111

Multiple Choice

Table 24-11. Megan's salary for three consecutive years, along with other values, is presented in the table below.
-Refer to Table 24-11. Suppose the consumer price index for 2013 is not necessarily 235. Then Megan's 2013 salary represents more purchasing power than her 2011 salary as long as the consumer price index for 2013 is

• A)greater than 264.25.
• B)less than 264.25.
• C)greater than 258.71.
• D)less than 258.71.

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Definitions:

Inelastic Demand

A situation where the demand for a good or service is relatively unresponsive to changes in price.

Total Revenue

The total income received by a firm from sales of its products or services.

Increase

A rise or growth in quantity, size, number, or some other measure.

Inelastic Demand

A situation where the demand for a good or service is not significantly affected by changes in its price.