The cross elasticity of demand for product X with respect to the price of product Y is -1.2. It can be inferred that X and Y are:
A. Substitute products
B. Complementary products
C. Luxury products
D. Unrelated products
B. Complementary products
Economics
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Which of the following will not cause a change in demand for crackers?
a. A change in consumers' income. b. A change in the price of crackers. c. A change in the price of cheese. d. A change in the number of cracker-eaters. e. A change in consumers' tastes for crackers.
Economics
Office Paper is an office supply firm. If the managers of Office Paper sell 5,000 boxes of staples a year and each order contains 500 boxes of staples, how many orders will the managers submit a year?
A) 10 B) 5,000 C) 500 D) 50
Economics