If the cross-price elasticity of demand between two goods is positive, what is the relationship between the two goods?
The goods are substitutes.
You might also like to view...
Use the following graph of total revenues to answer the question below. 
An increase in the quantity of product X demanded from 16,000 to 17,000 units implies that the price of product X was
A. reduced and the demand is inelastic. B. increased and the demand is inelastic. C. reduced and the demand is elastic. D. increased and the demand is elastic.
________ money refers to something that is used as money but that is otherwise worthless and typically has the backing of the government or a central bank
A) Fiat B) Federal C) Commodity D) Representative
Suppose you have worked at a local sandwich shop for six months and now you plan to ask your manager for a raise. How can you convince your manager that you are worth more money than you are currently being paid?
A) by convincing him that you are a dedicated worker and ready to take on more responsibilities at the shop B) by explaining to him how difficult it is for you to save enough money to go to college C) by demonstrating to your manager the marginal revenue product your employment contributes to the sandwich shop D) by threatening to quit if he refuses to give you a raise
Refer to Figure 18-7. The second lowest 20 percent of households
A) earn 12 percent of the society's total income. B) earn 16 percent of the society's total income. C) earn 28 percent of the society's total income. D) earn 40 percent of the society's total income.