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1.2.3 Price, income and cross elasticities of demand

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Question 45

Uber, Bolt and FreeNow all operate in London, charging highly competitive, similar base rates for very similar ridesharing services.

Which of the following is the most likely cross price elasticity of demand between these close substitutes?

−1.8-1.8−1.8

−0.2-0.2−0.2

+0.2+0.2+0.2

+1.8+1.8+1.8

1.2.3 Price, income and cross elasticities of demand Questions

  1. A Level
  2. /Economics
  3. /1.2.3 Price, income and cross elasticities of demand