Multiple Choice
The cross-price elasticity of demand for Coke with respect to the price of Pepsi has been estimated to be 0.61. If the price of Pepsi falls by 10%, all other things unchanged, the quantity demanded of Coke will:
A) decrease by less than 6.1%.
B) decrease by 6.1%.
C) not change, because many people prefer Coke to Pepsi.
D) rise.
Correct Answer:
Verified
Correct Answer:
Verified
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