A measure of the responsiveness of the demand for one good to the percentage change in the price of another good is
A. cross price elasticity of demand.
B. price elasticity of demand.
C. income elasticity.
D. price elasticity of supply.
Answer: A
Economics
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In the above table, the employment-to-population ratio is
A) 51 percent. B) 42 percent. C) 62 percent. D) 44 percent.
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What does the sign (positive/negative) of the cross elasticity of demand tell us about the relationship between two goods?
What will be an ideal response?
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Inelastic supply occurs whenever the elasticity of supply value is
A) positive and > 1. B) positive and < 1. C) any positive number. D) negative and < -1.
Economics
Diminishing marginal returns explains why a firm’s long-run average total cost curve is U shaped.
Answer the following statement true (T) or false (F)
Economics