Cross Elasticity of Demand Is the Percentage Change in the Quantity

question 7

Multiple Choice

Cross elasticity of demand is the percentage change in the quantity __________ of a good divided by the percentage change in __________.

• A)demanded; the price of the good
• B)supplied; the price of the good
• C)demanded; the price of another good
• D)supplied; the price of another good
• E)demanded; income

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Definitions:

Price

The amount of money required to purchase a good or service.

Liquid Refreshment

Beverages designed to provide hydration and enjoyment, including water, sodas, juices, and teas.

Gatorade

A brand of sports drinks that is marketed to hydrate and replenish electrolytes in athletes and active individuals.

Need

A basic requirement or necessity for survival or achieving a particular outcome.