If the Price of One Good Increases by 3 Percent

question 425

Multiple Choice

If the price of one good increases by 3 percent and the quantity demanded of another good increases by 2 percent, the cross elasticity is ________ and the two goods are ________.

• A) 2/3, substitutes
• B) 2/3, complements
• C) 3/2, complements
• D) 3/2, substitutes

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Definitions:

Solidarity Model

A labor relations approach emphasizing the collective interests and unity of workers across different sectors or regions.

Training Programs

Organized and systematic instructional activities designed to enhance the knowledge, skills, and competencies of employees or individuals.

Skill Sets

The combination of skills, abilities, and experiences that a person possesses, which can vary widely across different professions or industries.

Solidarity Movement

A social or political movement that unites individuals or groups across divides to support a common cause, often associated with labor and human rights.