If Two Goods Are Substitutes,their Cross-Price Elasticity Will Be

question 46

Multiple Choice

If two goods are substitutes,their cross-price elasticity will be

• A)positive.
• B)negative.
• C)zero.
• D)equal to the difference between the income elasticities of demand for the two goods.

Understand the goals, focuses, and impacts of evolutionary psychology, positive psychology, feminist psychology, and cognitive psychology on the field.

Comprehend the methods used in psychological research, including experimental, correlational, and observational methods, and their advantages and disadvantages.

Understand the importance of ethical guidelines in psychological research, including the treatment of human and animal subjects.

Understand basic spelling rules and identify spelling errors.

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Definitions:

Regulatory Policies

Regulatory policies are rules established by governments or regulatory bodies to guide the operation of businesses and organizations, with the aim of protecting public welfare.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs, representing efficiency.

Opportunity Cost

The cost of choosing one alternative over another, represented by the benefit foregone from not choosing the next best alternative.

Inefficient

Referring to a lack of effectiveness, not achieving maximum productivity; resulting in a waste of time, energy, or material.