Question: can you explain why these answer is correct? shoudnt the price decrease if theres more familiar subtitute Elasticity End of Chapter Probl- Do you think

can you explain why these answer is correct? shoudnt the price decrease if theres more familiar subtitute

Elasticity End of Chapter Probl- Do you think the price elasticity of demand for Ford sportutility vehicles (SUVs) will increase, decrease, or remain the same when each of the following events occurs? Explain your answer. a. Other car manufacturers, such as General Motors, decide to make and sell SUVs. increase 1 The answer above is correct because consumers now have more substitutes from which to choose. . b. SUVs produced outside North America are banned from the North American market. decrease

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