Suppose the Cross-Price Elasticity of Demand Between Grapefruit Juice and Orange

question 245

Multiple Choice

Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean?

• A) A 1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption.
• B) A 6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption.
• C) If the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased.
• D) The demand for orange juice is 6 times more than the demand for grapefruit juice.

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Definitions:

Norepinephrine

A neurotransmitter involved in arousal, alertness, and the fight-or-flight response, influencing mood and blood pressure among other bodily functions.

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Electronic devices that simulate tobacco smoking by producing an aerosol, often containing nicotine, inhaled by the user.

Stimulants

Drugs that increase alertness, attention, and energy by elevating the levels of key chemicals in the brain and other parts of the body.

Psychedelic Drugs

Substances that alter perception, mood, and various aspects of the mind, often inducing vivid visual changes or hallucinations.