Gloria works for a museum in a large city with many other museums. Her boss proposes that the museum should raise the price of admission to increase revenues. Gloria was a good student in her economics principles course. How should she advise her boss?
What will be an ideal response?
If there are many museums in the city demand for museum admissions is likely to be elastic. If Gloria's museum raises the price of admission, this will reduce revenues. She should advise her boss against a price increase.
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A. 2000-2002 B. 1973-1976 C. 1986-1988 D. 1995-2000
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Answer the following statement true (T) or false (F)