The Cross-Price Elasticity of Demand Between Good X and Good

question 131

Multiple Choice

The cross-price elasticity of demand between good X and good Y is 0.5. Given this information, which of the following statements is true?

• A) The demand for goods X and Y is inelastic.
• B) Goods X and Y are substitutes.
• C) Goods X and Y are complements.
• D) The demand for goods X and Y is income inelastic.

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Definitions:

Attribution

The process by which individuals explain the causes of behavior and events, often attributing them to internal dispositions or external situations.

Dimensions

in the context of behavior, refers to the measurable attributes of actions, such as frequency, intensity, and duration.

Types of Attributions

These are explanations for behaviors or events, often categorized as internal (personal) or external (situational) attributions.

Expectancy

In psychology, the anticipation or belief regarding the likelihood that a particular behavior will lead to a specific outcome, heavily influencing motivations and actions.