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Jet001 [13]
3 years ago
12

During the 1992 Democratic National convention a group of 100 New York restaurants got together and offered lunch for $19.92, an

d a number of them added special dinner menus with meals priced at $24.92. These prices may seem high, but they were a substantial reduction for most of the participating restaurants. The result: revenues were up during the convention, but what happened after the delegates left? Many restaurants decided to keep their prices down and got a real surprise: lower prices brought in more total revenue. we may surmise that demand at New York restaurants is..
A.) has unitary price inelasticity.
B.) Price elastic.
C.) Price inelastic.
D.) equivalent to income elasticity of demand
Business
1 answer:
allsm [11]3 years ago
7 0

Answer:

B. price elastic

Explanation:

we may surmise that demand at New York restaurants is PRICE ELASTIC

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2 years ago
Suppose the government wants to help the coffee industry, where many producers earn relatively little. It is considering two pos
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4 0
2 years ago
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $60,000 and $40,000, respectivel
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Answer:

$48,800

Explanation:

Ratio = 2:3

Total investment:

= Benson capital + Orton capital + Ramsey capital

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Old partners contribution:

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6 0
2 years ago
An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical produ
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Answer:

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Explanation:

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Answer:

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3 years ago
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