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You opened a restaurant here in Bloomington a couple years ago. Things were going well until recently when inflation caused the cost of many of
You opened a restaurant here in Bloomington a couple years ago. Things were going well until recently when inflation caused the cost of many of your ingredients to go up by 15%. So far, you haven't changed the prices you charge customers for their meals. However, the increased cost has caused you to start losing money on each meal you sell. To return your business to profitability, you are considering increasing the price of meals. On the other hand, you're a bit worried that increasing price may decrease the number of customers that eat at your restaurant. Under what type of demand should you be least worried that increasing your prices will cause many customers to stop coming to your restaurant? Group of answer choices Unit Elastic Price Elastic Price Inelastic You should never increase prices
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