Multiple Choice
You are the manager of a local flower shop and you compete with one other flower shop in your area. You estimate the cross- price elasticity of demand between your flowers and your competitor's flowers to be 2.60. Using this information, which of the following statements is true?
A) The flowers from the two shops are substitutes.
B) The flowers from the two shops are complements.
C) If your competitor decreases the price of her flowers, the demand for your flowers will increase.
D) If your competitor increases the price of her flowers, the demand for your flowers will decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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