Suppose the Price of Butter Increases by 5 Percent and the Amount

question 82

Multiple Choice

Suppose the price of butter increases by 5 percent and the amount of margarine purchased increases by 25 percent. What is the cross-price elasticity of demand between these two goods?

• A) 0.2
• B) 5
• C) 1.0
• D) −5.0

---

Definitions:

Political Socialization

The process by which individuals learn and frequently adopt the political culture and values of their society.

Political Socialization

The process through which individuals acquire their political beliefs, values, and behaviors.

Authority on Politics

An expert or highly knowledgeable person in the field of political science or government affairs.

Political Values

Political values are the fundamental beliefs and principles that guide individuals and groups in their political behavior and decision-making, influencing their views on governance and policy.