In 2003, some tobacco companies in the US wanted to raise prices but a spokesman said the tobacco industry was no longer in a position where it could increase revenue by raising prices.
What might be concluded from this statement?
1 )
The price elasticity of demand for tobacco is lower than it used to be.
The price elasticity of demand for tobacco is likely to be greater than unity.
3 )
The price of tobacco is too low.
4 )
The profit of tobacco growers does not depend on the price system.
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