The cross-price elasticity of demand can tell us whether goods are
a. normal or inferior.
b. elastic or inelastic.
c. luxuries or necessities.
d. complements or substitutes.
d
Economics
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You won the "$1,000 per year forever" lottery. You decided to convert such prize into a lump sum payment. The interest rate is 2% per year. How much is this lump sum payment?
A) $25,000 B) $1,000 C) $50,000 D) $365,000
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How does the law of demand reflect the law of diminishing marginal utility?
Economics