Weegy: Advertising, fashion trends, and new product introductions serve to create consumer demand.
User: 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 small increase in revenues demonstrated the unit elasticity of the product.
c.
A dramatic decline in revenues demonstrated the elasticity of the product.
d.
A dramatic decline in revenues demonstrated the inelasticity of the product.
Weegy: A business doubled the price of a product in order to increase profits. A dramatic decline in revenues demonstrated the elasticity of the product, of the following scenarios might have occurred.
]
User: The Law of Demand states that more of a product will be purchased at lower prices than at higher prices.
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