Multiple Choice
If the estimated price elasticity of demand for foreign travel is 4:
A) a 20% decrease in the price of foreign travel will increase quantity demanded by 80%.
B) the demand for foreign travel is inelastic.
C) a 10% increase in the price of foreign travel will increase quantity demanded by 40%.
D) a 20% increase in the price of foreign travel will increase quantity demanded by 80%.
Correct Answer:
Verified
Correct Answer:
Verified
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