If Two Goods,X and Y,have a Negative Cross Elasticity of Demand,then

question 17

Multiple Choice

If two goods,X and Y,have a negative cross elasticity of demand,then we know that they

• A)are substitutes.
• B)are complements.
• C)are both inferior goods.
• D)each have a price elasticity greater than one.
• E)are both normal goods.

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Definitions:

Prospects

Potential customers or clients who are considered likely to purchase a product or service based on their needs, abilities, and interests.

Center of Influence

Individuals or entities that have significant sway or impact within a community or market, often guiding the opinions of others.

Chamber of Commerce

An association of business owners and professionals aimed at promoting and protecting the interests of its members within a community.

Clergy

Ordained leaders of a religious faith, responsible for overseeing religious services and providing spiritual guidance.