If the Cross Elasticity of Demand Between Beef and Bison

question 166

Multiple Choice

If the cross elasticity of demand between beef and bison is 1.5,then a 3 percent increase in the price of beef will lead to a ________ in the quantity of bison demanded.

• A)4.5 percent increase
• B)4.5 percent decrease
• C)2 percent increase
• D)2 percent decrease
• E)0.5 percent increase

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Definitions:

Long-Term Objectives

Strategic goals that an organization or individual aims to achieve over an extended period, typically several years or more.

Timely Manner

Completing tasks or responding within a timeframe that is regarded as efficient and appropriate.

Sensation Thinker

An individual who predominantly relies on concrete, factual information and logical analysis when making decisions or understanding the world.

Realistic Approach

A practical and sensible method that is based on actual conditions and achievable outcomes.