The Cross Elasticity of Demand Is a Measure of How

question 41

Multiple Choice

The cross elasticity of demand is a measure of how

• A) responsive consumers are to changes in the price of a product.
• B) responsive suppliers are to changes in the price of a product.
• C) demand for a product changes when the price of a substitute or complement changes.
• D) total revenue changes when the price of a product changes.
• E) demand for a product changes when income changes.

---

Definitions:

Taste Buds

Sensory organs located on the tongue that are primarily responsible for detecting the five established taste sensations: sweet, sour, salty, bitter, and umami.

Loss of Smell

The inability or decreased ability to perceive odors, also known as anosmia.

Sixties

Referring to the decade from 1960 to 1969, noted for significant cultural, political, and social change worldwide.

Presbyopia

A condition associated with aging where the eye loses its ability to focus on close objects, commonly occurring after age 40.