Cliff is struggling with the price of produce at his well-established produce markets. the reputation of the markets attracts repeat customers from a 50-mile radius. recently, local farmers started increasing produce prices for him due to the upsurge in gas prices. now, cliff feels it is time to pass the costs onto his customers. which of the following should cliff estimate to determine the effect of price changes?
a. price elasticityb. break-even point quantityc. fixed costsd. reference price