If the price elasticity of demand within the price range $1 and $1.25 for carrots is 0.79 and for radishes is 1.6, then, within that price range
a. carrots are more price elastic than radishes
b. radishes are more price elastic than carrots
c. carrots and radishes must be substitute goods
d. carrots and radishes must be complementary goods
e. both carrots and radishes are price elastic
B
You might also like to view...
How is the official poverty line determined in the United States? What alternative method of measuring poverty has been suggested? Explain
What will be an ideal response?
One of the basic differences between social and economic regulations is that
A) economic regulations only apply to financial institutions while social regulations apply to a greater variety of institutions. B) social regulations only apply to non-profit organizations while economic regulations apply only to for-profit organizations. C) economic regulations cover only particular industries while social regulations apply to all firms in the economy. D) economic regulations focus on the banking industry while social regulations focus on monopolies.