Which of the following statements correctly describe the elasticities of demand for gasoline and automobiles?
a. The income elasticity of demand for gasoline and automobiles is negative.
b. The price elasticity of demand for gasoline is elastic and the cross-price elasticity between gasoline and SUVs is positive.
c. The price elasticity of demand for gasoline is inelastic and the cross-price elasticity between gasoline and SUVs is negative.
d. The price elasticity of demand for gasoline is inelastic and the income elasticity between gasoline and SUVs is positive.
e. The price elasticity of demand for gasoline is elastic and the income elasticity between gasoline and SUVs is negative.
c
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The majority of Americans at the end of the colonial period were of
(a) French origin. (b) British origin. (c) German origin. (d) Dutch origin.
Holding other things constant, if the Japanese Yen, depreciates, it makes the Japanese products
a. Less attractive to US customers b. More attractive to US customers c. Neither more nor less attractive to US customers d. None of the above