1. Defining What people are involved in the scenarios described in the excerpt? 2. Contrasting In what ways did the protests described in the excerpt differ from past periods of political change 3. Making Connections Name and briefly describe another recent protest movement that used social media to help organize protests.
4. Making Predictions How do you think future protest movements will use social media?

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D. estimate price elasticity of demand by experimenting with different prices.

Explanation:

Price elasticity of demand is an economic concept which is a measure of the sensitivity of customers willingness to buy something to its price. If the customers readily change their buying behavior with a change in price of the product, it would mean that the demand for the product is elastic.

When firms are introducing new products, they generally determine the best selling price by experimenting with different prices and observing the buying behavior of customers. Then the choose the price which produces the maximum amount of revenue for the firm, which entails the price of the product and number of units sold.