Examlex
Which choice is the best example of a complementary pair?
Cross-price Elasticity
Measures the responsiveness of the demand for one good to a change in the price of another good.
Good Y
Typically, a variable used in economic models to represent a generic good or service in the market.
Income Elasticity
A measure of how much the demand for a good or service changes in response to changes in consumer income.
Inferior Good
is a type of good whose demand decreases when the income of consumers increases, contrary to what is observed with normal goods.
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