A measure of the responsiveness of the demand for one good to the percentage change in the price of another good is
A) price elasticity of demand.
B) price elasticity of supply.
C) cross price elasticity of demand.
D) income elasticity.
Answer: C
Economics
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The price of a tomato increases and people buy more lettuce. You infer that lettuce and tomatoes are ________
A) complements B) normal goods C) substitutes D) inferior goods
Economics
If nominal GDP increases from one year to the next, then
A) production must have increased. B) production could have increased, decreased, or stayed the same. C) prices must have increased. D) prices and production must both have increased. E) prices and production must both have decreased.
Economics