Multiple Choice
There is an increase in the price of broccoli because of the disastrous weather that destroyed half of this year's spinach crop.Choose the statement that is correct.
A) The demand curve for broccoli shifted rightward and the cross elasticity of demand for broccoli with respect to the price of spinach is positive.
B) The demand curve for broccoli shifted rightward and the cross elasticity of demand for broccoli with respect to the price of spinach is negative.
C) The supply curve of broccoli shifted rightward and the cross elasticity of demand for broccoli with respect to the price of spinach is positive.
D) The supply curve of broccoli shifted rightward and the cross elasticity of demand for broccoli with respect to the price of spinach is negative.
E) The demand curve for broccoli shifted leftward and the cross elasticity of demand for broccoli with respect to the price of spinach is negative.
Correct Answer:
Verified
Correct Answer:
Verified
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