If the cross-price elasticity of demand between two goods is negative, what is the relationship between the two goods?
The goods are complements.
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price decreases from $12 to $10 is
A. -1.37. B. -0.33. C. -1. D. -3.29.
Globalization has given U.S. consumers a wider variety of gourmet food products from which to choose and has lowered the prices of these products in general
This, in turn, has encouraged consumers to buy more gourmet food items, which has ________ the amount of cooperative surplus for the buyers and sellers of gourmet food products. A) increased B) decreased C) not changed D) reduced to zero
Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the equilibrium quantity?
a. 20 b. 40 c. 60 d. 80
Which of the following is an example of a positive externality? a. A firm emits pollution into the air, harming members of society
b. An auto body shop makes a lot of noise, reducing the property values of nearby homes. c. A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood. d. You go to a store and pay $0.65 for a candy bar that you then eat.