If the cross-price elasticity of demand for two goods is -4.5, then
a. the two goods are substitutes.
b. the two goods are complements.
c. one of the goods is normal while the other good is inferior.
d. one of the goods is a luxury while the other good is a necessity.
b
Economics
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The concept of limited liability
A) does not apply to a corporation. B) means that the owners of a corporation have liability limited to the value of the shares in the firm. C) means that owners of a firm are subject to double taxation. D) limits the amount of specialization that can occur in a firm.
Economics
An efficient market is one in which
a. no rents are created. b. past prices can be used to predict the levels of future prices. c. the principals can fully monitor the actions of their agents. d. the price fully reflects all available information.
Economics