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lizsmith lizsmith
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5 years ago
Figure 16-3



Chantal owns a hairdressing salon which caters to two main groups of customers: residents of "The Chateau," a retirement community, and other residents in the neighborhood. Figure 16-3 shows the demand curves for the residents of the retirement community, labeled Market A, and other residents in the neighborhood, labeled Market B. The demand curves are not identical.


Refer to Figure 16-3. Which group of customers is likely to have a more elastic demand curve (more sensitive to price)?

• the other residents of the neighborhood—market B

• There is no difference in the elasticity of demand between the two groups.

• the customers from "The Chateau"—market A

• There is insufficient information to answer this question.
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Microeconomics

Microeconomics


Edition: 7th
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qwer34qwer34
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