Multiple Choice
The cross-price elasticity of demand refers to:
A) a change in the demanded for two goods, following a change in the price of one good.
B) the substitution of one good for another as the prices of two goods change.
C) the value of price elasticity at which supply crosses demand.
D) the percentage change in the quantity demanded of one good resulting from a 1-percent increase in the price of another good.
Correct Answer:
Verified
Correct Answer:
Verified
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