Every year Christmas tree vendors bring tens of thousands of trees from the forests of New England to New York City and Boston. During the last 2 years, the market has been competitive; as a result, price has fallen by 10 percent. If the price elasticity of demand was - 1.3, vendors would lose revenues altogether as a result of a price decline.
A. True
B. False
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Home » Business » Every year Christmas tree vendors bring tens of thousands of trees from the forests of New England to New York City and Boston. During the last 2 years, the market has been competitive; as a result, price has fallen by 10 percent.