The Cross-Price Elasticity of Demand Between Good X and Good

question 61

Multiple Choice

The cross-price elasticity of demand between good X and good Y is -3. Given this information, which of the following statements is true?

• A) The demand for goods X and Y is elastic.
• B) Goods X and Y are substitutes.
• C) Goods X and Y are complements.
• D) The demand for goods X and Y is income elastic.

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