The percentage change in the quantity of peanut butter demanded divided by the percentage change in price of jelly measures:
A. the price elasticity of demand for peanut butter.
B. the price elasticity of demand for jelly.
C. the cross-price elasticity of demand for peanut butter with respect to the price of jelly.
D. the cross-price elasticity of demand for jelly with respect to the price of peanut butter.
Answer: C
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Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. What of the following could result in a movement to point b?
A) an increase in the price of bottled water B) a decrease in the price of bottled water C) an increase in the opportunity cost of soft drinks D) a decrease in the relative price of a soft drink
Which of these firms have a low supplier power?
a. Pharmaceutical firms b. Semiconductor firms c. Car Dealerships d. Software firms
A student athlete loves cookies. He receives 200 utils for the first cookie, an additional 160 for the second, an additional 120 for the third, another 80 for the fourth, and another 40 for the fifth. The marginal utility of the fourth cookie is ________
and the total utility of consuming four cookies is ________. A) 40; 80 B) 80; 600 C) 80; 560 D) 40; 40
The 1996 Farm Act
A. Further deregulated the farming industry. B. Abolished the subsidy programs for all farm products. C. Reregulated the farming industry. D. Increased the amount of acreage set-asides.