If the Cross-Price Elasticity of Demand Between Shrimp and Oysters

question 30

Multiple Choice

If the cross-price elasticity of demand between shrimp and oysters is 4, then a 2% decrease in the price of shrimp will result in a(n) ________ in the quantity of oysters demanded.

• A) 0.5% decrease
• B) 8% decrease
• C) 4% decrease
• D) 2% increase

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