A Negative Cross Elasticity of Demand Means That Two Goods

question 390

Multiple Choice

A negative cross elasticity of demand means that two goods are _____, while a negative income elasticity of demand means that a good is a(n) _____ good.

• A) complements; normal
• B) complements; inferior
• C) substitutes; normal
• D) substitutes; inferior

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Definitions:

Nature Versus Nurture

The debate regarding the relative importance of an individual's innate qualities versus personal experiences in determining or causing differences in physical and behavioral traits.

Socially Constructed

An idea or notion that is created and developed by society rather than naturally existing.

Generalized Other

An abstract composite of social roles and social expectations.

Socialization

The process by which individuals learn and adopt the norms, values, and behaviors appropriate to their society or cultural group, essential for integration and functioning within their community.