Economics for Today 9th Edition by Irvin Tucker

Exercise 20

MICROECONOMICS FUNDAMENTALS
This road map feature helps you tie together material in the part as you travel the Economic Way of Thinking Highway. The following are review questions listed by chapter from the previous part. The key concept in each question is given for emphasis, and each question or set of questions concludes with an interactive game to reinforce the concepts. Visit cengagebrain.com to purchase the MindTap product where you can select a chapter and play the visual causation chain game designed to make learning fun. The correct answers to the multiple choice questions are given in Appendix C.
Key Concept: Price elasticity of demand
Suppose Good Food's supermarket raises the price of its steak and finds that its total revenue from steak sales does not change. This is evidence that price elasticity of demand for steak is
A) perfectly elastic.
B) perfectly inelastic.
C) unitary elastic.
D) inelastic.
E) elastic.