A bakery supply catalog sells 5-pound bags of moist apricots and cranberries,sweet dates,bits of pineapple,and candied cherries to be used in fruitcakes.Each bag costs $24.95.If the price of cranberries were to increase by 5 percent,it would have no effect on the price of the fruit mix because cranberries are only one of several fruits in the package.The demand for cranberries for this particular use is:

Question

Quizplus · Accepted Answer

The price increase of cranberries would not have any significant effect on the price of the fruit mix. This suggests that the demand for cranberries is inelastic.

A Bakery Supply Catalog Sells 5-Pound Bags of Moist Apricots