Please Explain in details If chocolate bars have a price elasticity of 0.6, then we can infer the chocolate bar Multiple Choice has many substitutes and sellers could raise price to increase revenue from sales. is a luxury good and sellers could raise price to increase revenue. is a necessity and sellers could raise price to increase revenue. has few substitutes and sellers could lower price to increase revenue from sales

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Please Explain in details

If chocolate bars have a price elasticity of 0.6, then we can infer the chocolate bar

Multiple Choice

  1. has many substitutes and sellers could raise price to increase revenue from sales.
  2. is a luxury good and sellers could raise price to increase revenue.
  3. is a necessity and sellers could raise price to increase revenue.
  4. has few substitutes and sellers could lower price to increase revenue from sales
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