Seller suspects you have an elastic demand

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Q. Taxicab fares in Cleve ground are subject to maximum cost regulations set by the city government. Assume that the local taxi companies petition the city council to raise the fares to generate higher revenues. A local citizen action group opposed to the fare increase claims that any increase in fares will actually lead to lower tax revenues. Based on these views:

If, when buying a car the seller suspects you have an ELASTIC demand, After that he or she is likely to:

Reference no: EM1321492

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Seller suspects you have an elastic demand : when buying a car the seller suspects you have an ELASTIC demand

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