Good X and Good Y Are Related Goods

question 36

Multiple Choice

Good X and Good Y are related goods. When the price of Good X rises by 5 percent, the quantity demanded for Good Y rises by 15 percent. Calculate the cross-price elasticity.

• A) 3
• B) -3
• C) -0.3
• D) 0.3

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Definitions:

Character Array

An array that holds characters, commonly used to store strings of text in programming.

String Object

An object in programming that represents a sequence of characters used to store and manipulate text.

Collection Object

An object that groups multiple elements into a single unit, typically provided by a collection framework in languages like Java.

For Loop

A control flow statement in programming that repeatedly executes a block of code a set number of times or while a certain condition is true.