Two Items Which Have a Positive Cross Price Elasticity of Demand

question 283

Multiple Choice

Two items which have a positive cross price elasticity of demand are referred to as

• A) luxury goods.
• B) inferior goods.
• C) substitutes.
• D) complements.

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Definitions:

Homeowners' Association

An organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and its residents.

Rentals

Payments made periodically for the use of someone else's property or equipment.

Unreasonable Zoning

Zoning regulations or decisions that are arbitrary, capricious, or unreasonable in restricting the use of land, potentially leading to legal challenges.

Constructive Taking

A situation where government regulation of property is so restrictive that it effectively amounts to a taking under the Fifth Amendment, requiring just compensation.