If a 10 Percent Increase in the Price of Product

question 108

Multiple Choice

If a 10 percent increase in the price of product X causes the demand for product Y to decrease by 15 percent,then:

• A) X and Y are substitutes.
• B) X and Y are complements.
• C) X and Y are independent goods.
• D) the demand for X is elastic.

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Definitions:

Membership Decreased

A situation where the number of members or participants in an organization, club, or group has declined.

Winnipeg General Strike

A significant labor strike in 1919 in Winnipeg, Canada, where workers demanded better wages and working conditions, marking a pivotal moment in Canadian labor history.

Vancouver General Strike

A significant labor unrest event in 1918 in Vancouver, Canada, involving numerous workers across multiple sectors striking for better wages and working conditions.

Oshawa Strike

A significant labor strike or industrial action, typically referring to historical events where workers demand better conditions or rights.