Asked by
sohan banerjee
on Nov 25, 2024
Verified
Assume that pizza and hamburgers are the only food items available to consumers. If the price of pizza increases, other factors constant, then which of the following will definitely happen?
A) Total revenues received by pizza sellers will increase.
B) Total revenues received by pizza sellers will decrease.
C) Total revenues received by hamburger sellers will increase.
D) Total revenues received by hamburger sellers will decrease.
Pizza Sellers
Businesses or individuals that sell pizza to consumers.
Hamburger Sellers
Businesses or individuals involved in the selling of hamburgers, often used as an example in economic models.
Total Revenues
The total income that a firm receives from the sale of its goods and services.
- Understand the real-life consequences of price elasticity of demand in practical situations.
Verified Answer
KB
Learning Objectives
- Understand the real-life consequences of price elasticity of demand in practical situations.