With price sensitivity in mind, who would you expect to be more likely to purchase food at the movie concession counter?Click to view larger image.
a. those who attend matinees
b. those who attend evening movie showings
c. those who attend matinees and those who attend evening movie showings are equally likely to purchase concessions
d. it is not possible to determine the answer to the question with the information given
b. those who attend evening movie showings
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Suppose the economy is in long-run equilibrium. Senator A succeeds in getting taxes raised. At the same time, Senator B succeeds in getting major restrictions on logging removed. In the short run
a. real GDP will rise and the price level might rise, fall, or stay the same. b. real GDP will fall and the price level might rise, fall, or stay the same. c. the price level will rise, and real GDP might rise, fall, or stay the same. d. the price level will fall, and real GDP might rise, fall, or stay the same.
The owner of a restaurant is considering lowering menu prices to draw in more customers. He is debating between lowering the price for the steak entrée or the salmon entrée. When he lowered prices last year, a $2.00 decrease in price for the $15
steak resulted in a growth in steak sales from 75 per week to 100 per week. A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale? Please provide the best answer for the statement.