If the Quantity of Chicken Demanded Increases by 1

question 76

Multiple Choice

If the quantity of chicken demanded increases by 1.25 percent when the price of beef increases by 2.5 percent,the cross elasticity of demand between chicken and beef is

• A)3.125.
• B)-3.125.
• C)-0.5.
• D)2.0.
• E)0.5.

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Definitions:

Attended Party

the act of being present at a social gathering or function, often for the purposes of entertainment, networking, or celebration.

Study Time

The period dedicated to educational activities or acquiring knowledge through reading, practice, and research.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors.

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision.