Multiple Choice
When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent, and the sale of dips (like salsa and bean dip) fell 8 percent.This set of facts indicates that the cross-price elasticity between tortilla chips and dips is ________, so the two are ________.
A) 0.8; substitutes
B) -0.4; complements
C) -0.8; complements
D) 0.4; substitutes
Correct Answer:
Verified
Correct Answer:
Verified
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