The formula for cross elasticity of demand is percentage change in:
A. quantity demanded of X/percentage change in price of X.
B. quantity demanded of X/percentage change in income.
C. quantity demanded of X/percentage change in price of Y.
D. price of X/percentage change in quantity demanded of Y.
Answer: C
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The purpose of advertising is to shift the firm's demand to the right
Indicate whether the statement is true or false
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A. a shortage of labor. B. an increase in on-the-job training. C. a surplus of labor. D. a decline in wage costs.
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