Cross-elasticity of demand measures the responsiveness of the quantity demanded of one good to a change in the price of another good
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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If indifference curves cross, then:
A) the assumption of a diminishing marginal rate of substitution is violated. B) the assumption of transitivity is violated. C) the assumption of completeness is violated. D) consumers minimize their satisfaction. E) all of the above
Economics
The basis for international trade is
a. established trade patterns b. the size of gold holdings of two countries c. shipping and transportation costs d. absolute advantage e. comparative advantage
Economics