Which of the Following Describes a Situation in Which Demand

question 129

Multiple Choice

Which of the following describes a situation in which demand must be elastic?

• A) Total revenue increases by 15 percent when the price of corndogs rises by 15 percent.
• B) Total revenue increases by less than 15 percent when the price of corndogs rises by 15 percent.
• C) Total revenue decreases by more than 15 percent when the price of corndogs rises by 15 percent.
• D) Total revenue increases by $15 when the price of corndogs rises by $15.
• E) Total revenue increases by more than $15 when the price of corndogs rises by $15.

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Definitions:

Biological Predisposed

Refers to a natural inclination or tendency in individuals to develop certain characteristics or disorders based on genetic factors.

Survival Associations

Connections or relationships built on the necessity to support life or existence under challenging conditions.

Taste Aversion

A learned aversion or negative reaction to a particular taste after a bad experience, such as illness, associated with that flavor.

Taste Aversion

A learned aversion to eating a particular food, developed after it has been associated with an unpleasant reaction.