What term do economists use for a good such as this one?

your local newspaper reports the following: the owners of the New Orleans Sandwich Shop in Seattle Show more your local newspaper reports the following: the owners of the New Orleans Sandwich Shop in Seattle Washington found that when they priced their hot dogs (reportedly the rolls-royce of tube steaks) at $3.00 each sales were awful. When they raised the price to $3.45 sales doubled. When they raised the price to $3.75 sales doubled again! A. Draw a diagram to show what the demand curve for these hot dogs apparently looked like. B. Can you think of a reason why sales rose as price increased? C. What term do economists use for a good such as this one? D. The New Orleans Sandwich Shop slipped into oblivion when the Fran-further opened down the street and sold got dogs for $1.50. Why? Show less

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