After analyzing menu items, the management team at the Sports Bar & Grill decided that they could increase the prices of several menu items, sell fewer of them, but increase overall revenues. The demand for these menu items would best be characterized as:

Question

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If the management team believes that they can increase the prices of several menu items, sell fewer of them, but increase overall revenues, it suggests that the demand for these items is not very responsive to price changes. In other words, the demand is inelastic, meaning that customers are willing to pay a higher price for the item, even if it means buying fewer of them.

After Analyzing Menu Items, the Management Team at the Sports