Substitutes are pairs of products with
a. positive cross-price elasticity of demand
b. negative cross-price elasticity of demand
c. positive income elasticity of demand
d. negative income elasticity of demand
e. positive price elasticity of demand
A
Economics
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Which of the following is likely to happen if consumption in an economy falls?
A) Asset prices rise. B) Mortgage defaults fall. C) Labor supply falls. D) Layoffs rise.
Economics
Refer to Table 10-2. Suppose Keira's income increases from $18 to $23 but prices have not changed. What is her utility maximizing bundle now?
A) 5 cups of soup and 4 sandwiches B) 5 cups of soup and 5 sandwiches C) 6 cups of soup and 5 sandwiches D) 4 cups of soup and 5 sandwiches
Economics