Multiple Choice
Suppose a firm in each of the two markets listed below were to increase its price by 25 percent. In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not?
A) restaurants and MP3 players
B) electricity and natural gas
C) corn and satellite radio
D) rice and soybeans
Correct Answer:
Verified
Correct Answer:
Verified
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