Multiple Choice
Because of poor snowfall, a ski village reduces the prices of chalet rentals by 20%, and this subsequently increases the sale of ski lift tickets by 15%. The cross elasticity of demand is _____ and chalet rentals and lift tickets are _____.
A) 1.33; substitutes
B) -1.33; complements
C) 0.75; substitutes
D) -0.75; complements
Correct Answer:
Verified
Correct Answer:
Verified
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