Refer to the scenario above. If the starting bid is $250, ________ will win the auction and will have to pay ________ for the painting

A business doubled the price of a product in order to increase profits. Which of the following scenarios might have occurred?

a. A sharp increase in revenues demonstrated the elasticity of the product. b. A dramatic decline in revenues demonstrated the elasticity of the product. c. A dramatic decline in revenues demonstrated the inelasticity of the product. d. A small increase in revenues demonstrated the unit elasticity of the product.

In 1989, Sears and Roebuck closed its stores and remarked every price in its stores to reflect a new "lower everyday" pricing strategy. Sears must have believed at that time that

A) the profit from extra sales were less than additional menu costs. B) the menu costs were less than the gain in profits from additional sales. C) extra liquidity was more important than menu costs. D) B and C.