Why elasticity of demand for standard cell phones increased

Reference no: EM13239526

After Apple introduced its new iPhone, the price of standard cell phones rose. A consumer advocacy group that has long claimed that standard cell phone producers are colluding like a monopolist asserts that this is further evidence of that fact. You've noticed that the elasticity of demand for standard cell phones increased after Apple's entry. Does this shed any light on the group's claim?

Reference no: EM13239526

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