If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar Multiple Choice has a narrowly defined market and sellers should lower price to increase revenue. is a luxury good and sellers should raise price to increase revenue. few substitutes and sellers should raise price to increase revenue from sales. has many substitutes and sellers should raise price to increase revenue from sales.

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badboyJah1986 badboyJah1986

22-03-2022
Business

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If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar Multiple Choice has a narrowly defined market and sellers should lower price to increase revenue. is a luxury good and sellers should raise price to increase revenue. few substitutes and sellers should raise price to increase revenue from sales. has many substitutes and sellers should raise price to increase revenue from sales.

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ewomazinoade ewomazinoade · Answer 1 · 2022-03-29T12:12:30+02:00

If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar as many substitutes and sellers should lower price to increase revenue from sales.

What is the price elasticity of demand?

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

If the absolute value of the price elasticity of demand is greater than 1, it means that demand is elastic. If demand is elastic, it means that quantity demanded is sensitive to price changes.

If a good has many substitutes, has a widely defined market and is not a luxury good, the good would have an elastic demand.

To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846