McDonald's can offset the decline in demand by influencing the different variables that affected the demand function for their products.
35) If a good is price elastic, an increase in price will increase total revenues.
36) If a good is price inelastic, an increase in price will decrease total revenues.
37) The study quoted in the text demonstrated that calorie posting did not cause any significant changes in Starbucks revenue over all.
38) The fast-food industry in the U.S. consists of many firms, but despite that it can still be viewed as an oligopoly because the top few firms control a significant share of the market.
39) In 2001 and 2002, McDonald's tried to improve the quality of its service by hiring mystery shoppers to evaluate service, cleanliness, and food quality.
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