If bagels and cereal are substitutes, then the cross-price elasticity of demand between bagels and cereal will be:
A. greater than zero.
B. less than zero.
C. greater than one.
D. less than one.
Answer: A
Economics
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Efficient resource allocation is defined as MC = AC.
Answer the following statement true (T) or false (F)
Economics
Briefly discuss different methods of allocating quota licenses to the importers by the government. Also explain the inefficiency implications of each method.
What will be an ideal response?
Economics