Multiple Choice
Suppose that the cross-price elasticity of demand between hot dogs and mustard is -1.5.If there is a 20 percent increase in the price of hot dogs,what will happen to the quantity of mustard purchased
A) It will fall by 200 percent.
B) It will fall by 30 percent.
C) It will rise by 200 percent.
D) It will rise by 30 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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