For Which Pairs of Goods Is the Cross-Price Elasticity Most

question 77

Multiple Choice

For which pairs of goods is the cross-price elasticity most likely to be negative?

• A)peanut butter and jelly
• B)celery and coffee
• C)pens and pencils
• D)iPods and iPads

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Definitions:

Consideration

Something of value exchanged between parties in a contract, making the agreement binding and legally enforceable.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a set of rules governing the buying and selling of goods across international borders.

Irrevocable

Not able to be changed, reversed, or recovered; final and unalterable.

Revocation

The act of cancelling or withdrawing something, such as an offer, license, or privilege.