If the Cross Elasticity of Demand Between Coke and Pepsi

question 260

Multiple Choice

If the cross elasticity of demand between Coke and Pepsi is 2.02,then Coke and Pepsi are

• A) complements.
• B) substitutes.
• C) normal goods.
• D) inferior goods.
• E) Both answers B and C are correct.

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Definitions:

Apparent Authority

The appearance or assumption of authority based on the actions or statements of the principal, leading others to believe that a representative has authority to act.

Ordinary Maintenance

Routine or regular upkeep necessary to maintain the condition or functionality of property or equipment.

Personal Liability

Refers to an individual's legal responsibility for debts or actions, potentially affecting their personal assets.

Respondeat Superior

A legal doctrine that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, if such acts occur within the scope of the employment or agency.