Winged Wonders Is a Specialty Store That Sells Butterfly Ornaments

question 94

Multiple Choice

Winged Wonders is a specialty store that sells butterfly ornaments. The owner wants to increase her total revenue and knows that the price elasticity of demand for her product is -0.4. What should she do to her price?

• A) Lower it by a relatively large amount.
• B) Leave it unchanged and use another way to increase sales.
• C) Decrease it to zero.
• D) Raise it by any amount.
• E) Lower it by a relatively small amount.

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Definitions:

Federalists

Members of a political group in the early United States advocating for a strong federal government and the ratification of the Constitution.

Emancipation

The act of being freed from slavery, bondage, or other forms of control or oppression.

Erie Canal

A significant waterway in New York, opened in 1825, that connected the Great Lakes with the Atlantic Ocean, facilitating trade and settlement.

Farmers Migrating

The movement of agricultural workers and farmers from rural areas to urban ones or from one country to another, often in search of better farming opportunities or in response to environmental and economic pressures.