Consider the Following Pairs of Items

question 84

Multiple Choice

Consider the following pairs of items:
A.shampoo and conditioner
B.iPhones and earbuds
C.a laptop computer and a desktop computer
D.beef and pork
E.air-travel and weed killer
Which of the pairs listed will have cross-price elasticity of zero?

• A)a and b only
• B)c only since most people cannot do without computers
• C)e only
• D)none of the pairs listed

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Definitions:

Pure Monopoly

A market structure where a single entity controls the entire supply of a product or service, with no close substitutes available.

Barriers

Refers to obstacles or impediments that hinder progress or the achievement of an objective.

Unique Characteristics

Distinctive attributes or features that set something apart from similar entities.

Rent Controls

are government policies or laws that limit the amount landlords can charge for leasing properties to protect tenants from rapid increases in rent.