If There Are Only Two Goods, an Increase in the Price

question 27

Multiple Choice

If there are only two goods, an increase in the price of good 1 will increase the demand for good 2

• A)if and only if the price elasticity of demand for good 2 is greater than 1 in absolute value.
• B)whenever both goods are normal goods.
• C)only if the two goods are perfect substitutes.
• D)never.
• E)none of the above.

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Definitions:

Goal

A specific, measurable objective targeted to be achieved within a certain timeframe.

Measurable Change

A quantifiable transformation or adjustment in a variable or condition that can be assessed or evaluated.

Plan of Care

A detailed strategy developed collaboratively by healthcare providers and the patient to address the patient's specific health needs and goals.

Patient's Needs

The requirements essential to ensure the well-being and recovery of a patient, including physical, psychological, social, and spiritual aspects of care.