Le Jouet is a profit-maximizing firm that produces toy trains. In France, its home country, it enjoys unchallenged market power due to trade barriers that restrict competition. However, Le Jouet also exports toy trains to Russia, where the market is highly competitive. Given this scenario, which of the following statements is correct? The demand that Le Jouet faces for toy trains in France is less elastic than in Russia. The demand that Le Jouet faces for toy trains in Russia is less elastic than in France. Le Jouet sells toy trains at a lower price in Russia to dispose of its excess inventories.
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