If the estimated price elasticity of demand for foreign travel is 4:
a. the demand for foreign travel is inelastic.
b. a 20% decrease in the price of foreign travel will increase the quantity demanded by 80%.
c. a 10% increase in the price of foreign travel will increase the quantity demanded by 40%.
d. a 20% increase in the price of foreign travel will increase the quantity demanded by 80%.

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