The owner of a local hotdog stand has estimated that, if he lowers the price of hotdogs from £1.50 to£1.00, he will increase sales from 400 to 500 hotdogs per day. The demand for hotdogs is
A) unitarily elastic.
B) elastic.
C) perfectly inelastic.
D) inelastic.
E) perfectly elastic.
Correct Answer:
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