Multiple Choice
Assume the demand curve for skirts in Europe is P = 100 - QE (or Qe=100 - P) , while the U.S demand is P = 100 - ¼QUS. (or Qus = 400 - 4P) . Over the range of prices which demand is more price elastic?
A) U.S. demand is more elastic.
B) European demand is more elastic.
C) It depends on the price level.
D) U.S. and European demand have the same elasticity for any price level.
Correct Answer:
Verified
Correct Answer:
Verified
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