Which One of the Following Pairs of Goods Is Likely

question 121

Multiple Choice

Which one of the following pairs of goods is likely to have a positive cross-price elasticity of demand?

• A) chocolate ice cream and sprinkles
• B) ice cream shakes and hamburgers
• C) fries and ketchup
• D) Pepsi and Coke
• E) onion rings and chicken strips

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Definitions:

Imports

Goods or services brought into one country from another for sale.

Quota

A set limit or target, often in the contexts of sales or production, that a person or organization is expected to achieve.

Metric Tons

A unit of mass equivalent to 1,000 kilograms or approximately 2,204.6 pounds.

Trade Imbalance

A situation where a country's imports exceed its exports or vice versa, affecting the national economy's balance of payments.