If There Are Only Two Goods and These Are Consumed

question 39

Multiple Choice

If there are only two goods and these are consumed in fixed proportions,the price elasticities of demand for these two goods will sum to

• A)0.0
• B)-0.5
• C)-1.0
• D)a number between 0 and -1.

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Definitions:

Customs

Traditional practices and norms that define the social behaviors within a particular community or society.

Beliefs

Convictions or acceptances that something exists or is true, especially without proof.

Hereditary Influences

The biological passing of traits from parents to their offspring through genes.

Environmental Influences

External factors or conditions in one's surrounding environment that affect behaviors, decisions, and development.