Multiple Choice
The cross-price elasticity of demand between good X and good Y is 0.5. Given this information, which of the following statements is true?
A) The demand for goods X and Y is inelastic.
B) Goods X and Y are substitutes.
C) Goods X and Y are complements.
D) The demand for goods X and Y is income inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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