If the Cross Price Elasticity of Two Goods Is -3

question 68

Multiple Choice

If the cross price elasticity of two goods is -3.5,then

• A) these two products are relatively elastic substitutes.
• B) these two products are relatively inelastic substitutes.
• C) these two products are relatively elastic complements.
• D) these two products are relatively inelastic complements.

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Definitions:

Creditors

Individuals or entities to whom money is owed by the business or individual for goods or services that have been delivered or used but not yet paid for.

Special Journal

A specialized accounting journal designed to record a specific type of transaction consistently, such as sales or purchases.

Electronic Accounting System

Computerized systems used for tracking and managing financial transactions and accounts.

General Ledger Accounting Systems

Comprehensive accounting systems that collect, classify, and summarize financial transactions to create financial statements.