If the Value of the Cross Elasticity of Demand Is

question 30

Multiple Choice

If the value of the cross elasticity of demand is negative, the two goods are

• A) complementary goods.
• B) substitute goods.
• C) normal goods.
• D) inferior goods.

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Definitions:

Interval Scale

A scale of measurement where the intervals between values are uniform but there is no true zero point, allowing for the measurement of order and the calculation of meaningful differences between values.

Nominal Scale

A measurement scale used for categorizing variables without a quantitative value or order.

Pie Graph

A visual representation of data that divides a circle into slices to illustrate numerical proportions.

Frequency Distribution

A table or graph that displays how often different values or categories occur in a dataset.