Crude oil is primarily supplied to the world market by a few Middle Eastern countries. Such a market is an example of a(n) (i) imperfectly competitive market. (ii) monopoly market. (iii) oligopoly market

The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the prices of

A) its substitutes and its complements. B) its substitutes but not its complements. C) its complements but not its substitutes. D) neither its substitutes nor its complements.

The demand for bonds curve slopes downwards because

A) at higher prices, bonds pay higher interest which makes them more attractive to buyers. B) lower prices reduce the cost of borrowing which makes them less attractive to buyers. C) at lower prices, bonds pay higher interest which makes them more attractive to buyers. D) higher prices raise the cost of borrowing which makes them less attractive to buyers.