Suppose a Decrease in the Supply of Bottled Water Results

question 102

Multiple Choice

Suppose a decrease in the supply of bottled water results in a decrease in revenue.This indicates that

• A)the demand for bottled water is inelastic in the price range considered.
• B)the demand for bottled water is elastic in the price range considered.
• C)the supply of bottled water is inelastic in the price range considered.
• D)the supply of bottled water is elastic in the price range considered.

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Definitions:

Effective Offer

A proposal that clearly outlines the terms and conditions of a contract, legally binding once accepted.

Shrink-wrap Terms

The conditions and terms of use that are included with a product's packaging and are accepted by breaking the shrink-wrap or seal.

Enforceable

Capable of being imposed or complied with by law or force.

New Plays Festival

An event typically dedicated to showcasing and performing new theatrical works by emerging or established playwrights.