Multiple Choice
The fact that the cross-price elasticity of natural gas with respect to the price of fuel oil is 0.4 implies that
A) natural gas and fuel oil are substitutes.
B) natural gas is a normal good.
C) the quantity of natural gas demanded will decrease by 1.6% when the price of fuel oil decreases by 4%.
D) both a and c
Correct Answer:
Verified
Correct Answer:
Verified
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