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stars_and_moon stars_and_moon
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Posts: 3218
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8 years ago
The Delta Sig Cafe sells pizza for $1 per slice. If the price elasticity of demand for pizza is 2.3, which of the following statements is true?
A) Consumer demand is very price responsive, so if the Cafe raises the price of pizza, total revenue will decrease.
B) Consumer demand is very price responsive, so if the Cafe raises the price of pizza, total revenue will increase.
C) Consumer demand is not very responsive to price, so if the Cafe raises the price of pizza, total revenue will increase.
D) Consumer demand is not very responsive to price, so if the Cafe raises the price of pizza, total revenue will decrease.
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kingbykingby
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#1
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8 years ago
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#2
8 years ago
I figured, great answer
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#3
8 years ago
Yup, vote with confidence!
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