Multiple Choice
If two goods are substitute goods,
A) an increase in the price of one will cause a decrease in the demand for the other.
B) an increase in the price of one will cause an increase in the demand for the other.
C) the price elasticity of demand for both goods will be greater than 1.
D) the price elasticity of demand for both goods will be less than 1.
Correct Answer:
Verified
Correct Answer:
Verified
Q128: If quantity demanded is completely unresponsive to
Q129: Exhibit 19-3<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 19-3
Q130: If, as the price of good Y
Q131: When price = $33, quantity demanded =
Q132: Exhibit 19-8<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 19-8
Q134: If the price of good X rises
Q135: Exhibit 19-7<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 19-7
Q136: Total revenue is defined as<br>A)price minus quantity
Q137: Cross elasticity of demand measures the responsiveness
Q138: Which of the following statements is false?<br>A)If