Multiple Choice
Suppose the cross-price elasticity of demand between quinces and muskmelons is 5.Which of the following must be true?
A) Quinces are normal goods.
B) Muskmelons are normal goods.
C) If the price of quinces rises by $5, the demand for muskmelons will increase by 1.
D) If the price of muskmelons rises by $5, the demand for quinces will increase by 1.
E) Quinces and muskmelons are substitutes.
Correct Answer:
Verified
Correct Answer:
Verified
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