If the Cross Elasticity of Demand for Good a with Respect

question 143

Multiple Choice

If the cross elasticity of demand for good A with respect to good B is +2.7, then good A is

• A)an inferior good.
• B)a normal good.
• C)a substitute for good B.
• D)a complement to good B.

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Definitions:

Mode

The most repeatedly occurring number in a set of data.

Unranked Categories

Categorizations without an inherent order or hierarchy among them, where elements are grouped based on qualitative differences rather than quantitative measures.

Measure Of Central Tendency

A statistical value that describes a central or typical value for a set of data, such as mean, median, or mode.

Political Party Affiliation

The formal association of individuals with a political party, often indicating shared ideologies, policies, and goals.