If the Cross-Price Elasticity of Demand Between Fish and Chicken

question 3

Multiple Choice

If the cross-price elasticity of demand between fish and chicken is 2, then a 2% increase in the price of fish will result in a ________ in the quantity of chicken demanded.

• A) 1% increase
• B) 4% increase
• C) 10% increase
• D) 20% decrease

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Definitions:

Power

The ability or capacity to do something or act in a particular way; often refers to the amount of control one has over circumstances or other entities.

Planes

A flat or relatively smooth surface; points of reference by which positions or parts of the body are indicated.

Points Of Reference

Specific locations or landmarks used to establish positions or to measure distances.

Lesion

An injury or wound; a circumscribed area of pathologically altered tissue.