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QUESTION
Assume the price of product A increases from $1 to $1.50, while the price of competing product B increases from $1.50 to $2.
Assume the price of product A increases from $1 to $1.50, while the price of competing product B increases from $1.50 to $2.00. Based on this information, what can we say about the absolute and relative price differences between the two products, and the relative attractiveness of the two products to consumers.
