Suppose+that+the+Board+of+Directors+of+the+local+company+proposes+that+price+of+one+of+their+
competitive+product+in+the+market+be+raised+as+a+means+of+raising+additional+funds+to+support+
flood+victims.+Explain+in+support+what+the+members+are+implicitly+assuming+about+the+price+
elasticity+of+demand+of+the+product.+
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