Suppose that you are in charge of pricing at a local surf rental shop.The business needs to increase revenue and your job is on the line.If the supply of surf boards is elastic, you:
A) should increase the rental price of surf boards
B) should decrease the rental price of surf boards
C) should not change the rental price of surf boards
D) cannot determine what to do with rental price until you determine whether demand is elastic or inelastic
Correct Answer:
Verified
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