The nation's largest cable TV company tested the effect of a price increase for premium sports channels.It increased prices from $7.95 to $9.95 and found that the number of customers decreased by more than 40%.This means:
A) the demand curve for the premium sports channels shifted to the right.
B) the supply curve for premium sports channels shifted to the left.
C) the demand for premium sports channels is elastic in this price range.
D) the demand for premium sports channels is inelastic in this price range.
Correct Answer:
Verified
Q26: If makers of snake anti-venom implement significant
Q27: If the demand is perfectly inelastic,what would
Q28: The Shoe Emporium reduces the price of
Q31: Shanequa and Mya have a business that
Q33: Total revenue represents the amount that:
A) sellers
Q41: A steel mill raises the price of
Q43: Demand is said to be _ when
Q48: When demand is elastic:
A)price elasticity of demand
Q55: Bailey's Barber Shop knows that a 5%
Q59: A steel mill raises the price of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents