Tacos and Pizza Are Substitutes

question 337

Multiple Choice

Tacos and pizza are substitutes.If a 2 percent change in the price of a taco leads to a 4 percent change in the demand for pizza,the cross elasticity of demand equals

• A) -1/2.
• B) 1/2.
• C) 2.
• D) -2.
• E) 4.

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Definitions:

Bureaucracies

Systems of government or organizations characterized by a hierarchical structure, fixed routines, and a division of labor, aimed at enhancing efficiency.

Human Workers

Individuals engaged in manual or intellectual labor as part of a workforce.

Industrial Revolution

The period of great economic, technological, and social change in the 18th and 19th centuries, marked by the transition from manual production methods to machine-based manufacturing processes.

Gig Economy

A labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.