Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN: 9781337106665
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher: Cengage Learning
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Chapter 12, Problem 9MC

After running a promotional campaign, the owners of a local hardware store decided to decrease the prices for the advertised products sold in their store. One can infer that

  1. a. the promotional expenditures made the demand for the advertised products more elastic.
  2. b. the promotional expenditures made the demand for the advertised products less elastic.
  3. c. the promotional expenditures had no effect on the demand elasticity.
  4. d. the owners got it wrong. To cover the promotional expenses, they should have raised the prices.
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