If the Estimated Price Elasticity of Demand for Foreign Travel

question 177

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%.

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