If Cross-Elasticity of Demand Is Positive, an Increase in Price

question 48

True/False

If cross-elasticity of demand is positive, an increase in price of the alleged monopolistic product will result in consumers' sticking to the same product.

---

Definitions:

Accounting Organization

An entity or structured group that sets accounting standards, rules, and provides guidance for accounting practices and procedures.

Corporation

A legal entity distinct from its owners, possessing rights to own property, incur debts, sue and be sued.

Partnership

A legitimate business structure involving two or more people who jointly manage and benefit from the profits.

Generally Accepted Accounting Principles

A set of accounting standards and practices that are used in the preparation of financial statements in the United States.