question archive The people in Rochester currently eat 500 chocolate bars per week
The people in Rochester currently eat 500 chocolate bars per week
Subject:EconomicsPrice:2.88 Bought3
The people in Rochester currently eat 500 chocolate bars per week. If the city government decides to give away 100 free chocolate bars every week, then the people of Rochester will eat 600 chocolate bars per week. True or false?
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False
The demand for chocolate is inelastic due to the fact that there are no close substitutes. Therefore regardless of the increase in the free chocolates, the demand may not rise. The demand will remain 500, this means that people will buy less as some will be given free, maintaining the demand at 500.
