Multiple Choice
Good X and Good Y are related goods. When the price of good X rises by 20 percent, the quantity demanded for good Y falls by 40 percent. What is the cross-price elasticity?
A) 2
B) 4
C) -0.5
D) -2
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q36: Which of the following statements is FALSE?<br>A)
Q64: If the elasticity of demand for oil
Q68: If the price of cocoa rises by
Q133: A cross-price elasticity value that is positive
Q135: Assume a product has an inelastic demand
Q137: Which factor would tend NOT to increase
Q138: (Figure: Price Increase and Elasticity) Refer to
Q140: For each of the following goods would
Q182: If the price elasticity of demand for
Q191: The elasticity of demand for cigarettes is