Which of the following statements is true of the cross-price elasticity of demand?
A) The cross-price elasticity of demand between substitutes is zero.
B) The cross-price elasticity of demand between complements is zero.
C) The cross-price elasticity of demand between substitutes is negative.
D) The cross-price elasticity of demand between complements is negative.
D
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The demand for products that provide benefit externalities is generally ________ the demand for products that do not
A) greater than B) less than C) the same as D) greater or less (depending on the market) than
An indifference curve shows:
A. The maximum combinations of two products which a consumer can afford to buy, given prices and the consumer's income B. The quantities of two products a consumer is willing to buy at different income levels C. All combinations of two products from which the consumer derives a specific level of total utility D. Combinations of two products which yield the same marginal utilities