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If 100 units of product K are sold at a unit price of $10 and 75 units of product Kare sold at a unit price of $15, one can conclude that in this price range:A) demand for product K is elastic.B) demand for product K is inelastic.C) demand for product K has shifted to the right.D) consumers are sensitive to price changes of product K.

If 100 units of product K are sold at a unit price of $10 and 75 units of product Kare sold at a unit price of $15, one can conclude that in this price range:A) demand for product K is elastic.B) demand for product K is inelastic.C) demand for product K has shifted to the right.D) consumers are sensitive to price changes of product K.

Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 3MC
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If 100 units of product K are sold at a unit price of $10 and 75 units of product Kare sold at a unit price of $15, one can conclude that in this price range:A) demand for product K is elastic.B) demand for product K is inelastic.C) demand for product K has shifted to the right.D) consumers are sensitive to price changes of product K.
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