Cross-price elasticity refers to:
A. how much the quantity demanded of one good changes in response to a change in the price of a different good.
B. how much the quantity demanded of one good changes in response to a change in its price.
C. the magnitude of the shift in demand for a good in response to a change in its price.
D. how much the quantity demanded of a good changes in response to a change in consumers' incomes.
A. how much the quantity demanded of one good changes in response to a change in the price of a different good.
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According to the text, Israelis living on a kibbutz in Israel
a. leave the economic decisions to the economists on the kibbutz b. are adverse to profit-maximizing behavior c. shifted from manufacturing to farming in the 1960s d. behave according to the MC = MR rule e. act communally so do not let prices affect their decisions
The $/€ bid rate is the:
a. Inverse of €/$ ask rate b. Inverse of €/$ bid rate c. Inverse of $/€ ask rate d. Equal to the €/$ ask rate e. Equal to the €/$ bid rate