Concha y Toro,a Chilean wine,has reduced the price of one bottle from $10 to $8.It previously sold 420 bottles in the month prior to the price reduction,and it now sells 525 bottles per month.What is being experienced?
A) unitary elasticity
B) elastic demand
C) consumer surplus
D) inelastic demand

Question

Quizplus · Accepted Answer

The Answer of Concha y Toro,a Chilean wine,has reduced the price of one bottle from $10 to $8.It previously sold 420 bottles in the month prior to the price reduction,and it now sells 525 bottles per month.What is being experienced?
A) unitary elasticity
B) elastic demand
C) consumer surplus
D) inelastic demand

Concha Y Toro,a Chilean Wine,has Reduced the Price of One