If the Price of Cereal Increases by 10 Percent and the Amount

question 61

Multiple Choice

If the price of cereal increases by 10 percent and the amount of milk demanded decreases by 2 percent,then the cross-price elasticity of these goods is:

• A) 5.
• B) 5
• C) 0.2.
• D) 0.2

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Definitions:

Weakest Norms

The least influential or least enforced rules and standards of behavior within a society or group.

Cultural Relativism

The principle that an individual's beliefs and activities should be understood by others in the context of that individual's own culture.

Folkways

Norms or customary behaviors that are socially approved but not morally significant, dictating appropriate manners and actions in daily routines and interactions.

Severe Punishment

Harsh or extreme disciplinary actions taken in response to an individual's wrongdoing, often intended as a deterrent against future offenses.