Which of the Following Two Goods Is Likely to Have

question 54

Multiple Choice

Which of the following two goods is likely to have a negative cross-price elasticity of demand?

• A)Left and right shoes
• B)Margarine and butter
• C)Coke and Pepsi
• D)Peanut butter and tuna fish

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Definitions:

Learned Predisposition

An acquired tendency to respond in a consistent way to a given object or entity based on prior experiences and learning.

Favorable Way

A manner or approach that is advantageous, beneficial, or creates positive outcomes.

Maslow Hierarchy

A theory in psychology proposed by Abraham Maslow that categorizes human needs into a five-tier model, ranging from basic (physiological) needs to higher-level (self-actualization) needs.

Safety

The condition of being protected from or unlikely to cause danger, risk, or injury; it is crucial in environments ranging from workplaces to public spaces to consumer products.