The quantity demanded of salt decreases when the price of pepper increases. This is an example of * own-price elasticity. supply elasticity. income elasticity. rubber band elasticity. cross-price elasticity. During the spring rain season in the Northeast, the demand for umbrellas is price inelastic. At this time of the year, if stores that sell umbrellas raise the price, which of the following will occur? * More customers will buy umbrellas. The stores will decrease their revenues from umbrellas. O The stores will most likely make less profit from the sale of umbrellas. O The stores will increase their revenues from umbrellas.
The quantity demanded of salt decreases when the price of pepper increases. This is an example of * own-price elasticity. supply elasticity. income elasticity. rubber band elasticity. cross-price elasticity. During the spring rain season in the Northeast, the demand for umbrellas is price inelastic. At this time of the year, if stores that sell umbrellas raise the price, which of the following will occur? * More customers will buy umbrellas. The stores will decrease their revenues from umbrellas. O The stores will most likely make less profit from the sale of umbrellas. O The stores will increase their revenues from umbrellas.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer these two questions for me, please!
Transcribed Image Text:The quantity demanded of salt decreases when the price of pepper increases.
This is an example of *
own-price elasticity.
supply elasticity.
income elasticity.
O rubber band elasticity.
O cross-price elasticity.
During the spring rain season in the Northeast, the demand for umbrellas is price
inelastic. At this time of the year, if stores that sell umbrellas raise the price,
which of the following will occur?
More customers will buy umbrellas.
O The stores will decrease their revenues from umbrellas.
O The stores will most likely make less profit from the sale of umbrellas.
O The stores will increase their revenues from umbrellas.
The customers will organize a protest and call for the passing of legislation that will
prevent umbrella price gouging.
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