Which of the following refers to a strategy of entering the market with a high price and creating a narrow market?

Lewis is selling a product with some of the transaction price depending on the outcome of a future event. There is a 75% chance that the event will result in $100,000 of consideration to Lewis, and a 25% chance that the event will result in $40,000 of consideration to Lewis. Which of the following is not an appropriate estimate of the amount of uncertain consideration for purposes of Lewis estimating the transaction price?

A) $100,000. B) $85,000. C) $70,000. D) a-c are all appropriate estimates.

A movie theater finds that when it reduces its prices, its total revenues drop significantly. Its price elasticity of demand is _____

a. unitary b. inelastic c. positive d. elastic