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If the Cross-Price Elasticity of Demand Is -3, Then the Goods

question 224

Multiple Choice

If the cross-price elasticity of demand is -3, then the goods are __________ and the consumers' responsiveness would be characterized as __________.


Definitions:

Check 21

Legislation that allows banks to handle more checks electronically, which speeds up the check clearing process by creating a digital version of the original paper check.

Truncated Version

A shortened form or version of a document, statement, or piece of information, typically preserving only the most essential parts.

Stop-Payment Order

An order by a drawer that instructs the drawee bank not to pay an issued check.

Drawer

In the context of financial transactions, the person who writes or issues a cheque or draft directing a bank to pay the specified amount to a third party.

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