Multiple Choice
The cross elasticity of demand is a measure of how
A) total revenue changes when the price of a product changes.
B) demand for a product changes when the price of a substitute or complement changes.
C) responsive consumers are to changes in the price of a product.
D) responsive suppliers are to changes in the price of a product.
E) demand for a product changes when income changes.
Correct Answer:
Verified
Correct Answer:
Verified
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