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) Demand in the United States is more elastic.
B) Demand in Europe is more elastic.
C) It depends on the price level.
D) Demand in the United States and Europe has the same elasticity for any price level.
Correct Answer:
Verified
Correct Answer:
Verified
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