If a Price Hike of 5 Percent Increases the Quantity

question 277

Multiple Choice

If a price hike of 5 percent increases the quantity demanded of another good by 2 percent, the goods must be ________ and the cross elasticity of demand equals ________.

• A) substitutes; 0.40
• B) substitutes; 2.5
• C) complements; 0.40
• D) complements; 2.5

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Definitions:

Human Resource Professionals

Individuals specializing in managing and developing an organization's workforce, including recruitment, training, performance management, and employee relations.

Human Capital

Human Capital refers to the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Strategic Business Partner

Refers to individuals or entities that collaboratively work with an organization to achieve its strategic objectives, often contributing expertise or resources.

HRM Strategies

Tactics and methods employed to manage the workforce effectively, aligning HRM with the overall objectives of the organization.