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If Park's Place Pizza increase the price of pizza by 25% and total revenues remained the same, it can be concluded that the product had O an elastic demand. an inelastic demand. O no substitutes. an elasticity of demand value of 0. O a unitary elastic demand.

If Park's Place Pizza increase the price of pizza by 25% and total revenues remained the same, it can be concluded that the product had O an elastic demand. an inelastic demand. O no substitutes. an elasticity of demand value of 0. O a unitary elastic demand.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6PA: The price of coffee rose sharply last month, while the quantity sold remained the same. Five people...
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If Park's Place Pizza increase the price of pizza by 25% and total revenues remained the same, it can be concluded that the product had * an elastic demand. an inelastic demand. no substitutes. an elasticity of demand value of 0. a unitary elastic demand. A change in which of the following causes a movement along a given demand curve for a normal good? * Consumer income The demand for the good The price of the good The price of a substitute good The number of buyers
Transcribed Image Text:If Park's Place Pizza increase the price of pizza by 25% and total revenues remained the same, it can be concluded that the product had * an elastic demand. an inelastic demand. no substitutes. an elasticity of demand value of 0. a unitary elastic demand. A change in which of the following causes a movement along a given demand curve for a normal good? * Consumer income The demand for the good The price of the good The price of a substitute good The number of buyers
If the price of Will Smith's Big Willie Style CD increases, what happens its demand? * WILL SMITH BIG WILLIE STYLE It increases. O It stays the same. O It decreases. It is indeterminate.
Transcribed Image Text:If the price of Will Smith's Big Willie Style CD increases, what happens its demand? * WILL SMITH BIG WILLIE STYLE It increases. O It stays the same. O It decreases. It is indeterminate.
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