Multiple Choice
A drop in the price of gasoline from $1.75 to $1.25 per litre causes purchases of cars to rise from 20 000 to 40 000.The numerical value of the cross-price elasticity between these two goods is therefore:
A) -1.0
B) -2.0
C) 2.0
D) 0.5
E) -0.5
Correct Answer:
Verified
Correct Answer:
Verified
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