The same gas firm instead raises its price to $85 while rivals hold at $80. What does this show about demand above $80?

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Question

The same gas firm instead raises its price to $85 while rivals hold at $80. What does this show about demand above $80?

Accepted Answer

It is elastic, so the firm loses customers heavily to the rivals who held their price — Award 1 mark. Combined with inelastic demand below the price, this gives the kink at $80 and makes both directions unattractive.

Answer

It is inelastic, so the firm keeps most of its customers and gains revenue

Answer

It is unit elastic, so revenue is unchanged

Answer

It is perfectly inelastic, so nothing changes

Answer

It is elastic, so the firm loses customers heavily to the rivals who held their price

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