If a 1 Percent Increase in the Price of X

question 25

Multiple Choice

If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent,then X and Y are

• A) complements and the cross elasticity of demand equals 2.
• B) substitutes and the cross elasticity of demand equals 1/2.
• C) substitutes and the cross elasticity of demand equals 2.
• D) complements and the income elasticity of demand equals 2.
• E) normal goods and the income elasticity of demand of each equals 2.

Understand different types of social groups and their characteristics.

Recognize the emotional and functional roles of primary and secondary groups in society.

Distinguish between social categories, groups, and networks and understand their relevance in social interaction.

Explain the significance of group size and composition on group dynamics and individual behaviors.

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Definitions:

Agreeableness

A personality trait characterized by warmth, kindness, empathy, and a readiness to cooperate and avoid conflict with others.

Conscientiousness

An attribute denoting someone's knack for systematic arrangement, consistency in dependability, and an intense feeling of obligation.

Monozygotic Twins

Identical twins that result from one fertilized egg splitting and developing into two embryos, sharing 100% of their genetic material.

Dizygotic Twins

Also known as fraternal twins, they are siblings born from separate eggs fertilized by separate sperm cells, sharing 50% of their genetic material.