Cross-price elasticity is represented by the formula ?Q/?P × P/Q; where Q and ?Q represent the quantity demanded and change in quantity demanded of a good, and P and ?P represent the price and change in price of a related good respectively
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Demand is perfectly inelastic when
A) shifts in the supply curve results in no change in price. B) the good in question has perfect substitutes. C) shifts of the supply curve result in no change in quantity demanded. D) shifts of the supply curve result in no change in the total revenue from the quantity sold.
Economics
Human capital is the
A) machinery used by humans to produce GDP. B) technology used by humans to produce GDP. C) skill and knowledge accumulated by humans. D) plant and equipment produced by humans and not by machines.
Economics