The ratio of the percentage change in the quantity demanded of product x to the percentage change in the price of product y is defined as:
a. the income elasticity of demand for x.
b. the price elasticity of supply of y.
c. the price elasticity of demand for y.
d. the cross price elasticity of demand for x.
d
Economics
You might also like to view...
Only economists and other “social” scientists have areas of dispute within their disciplines.
Answer the following statement true (T) or false (F)
Economics
Trade-offs are involved in most policy decisions
a. True b. False Indicate whether the statement is true or false
Economics
When a grocery store accepts your $5 bill in exchange for bread and milk, the $5 bill serves as a
A) unit of account. B) standard of deferred payment. C) store of value. D) medium of exchange.
Economics
Productive efficiency requires production at a quantity such that:
a. MC = MR b. MC = ATC c. MC = D d. ATC = D
Economics