Multiple Choice
The concept of cross price elasticity of demand refers to the:
A) ratio of the percentage change in the quantity demanded of a good at a specific price to the percentage change in the price of a related good.
B) ratio of the percentage change in the price of one good to the percentage change in the quantity demanded of a related good at a specific price.
C) ratio of the price elasticity of a normal good to the price elasticity of a related good.
D) change in income due to a change in the price of a related good.
Correct Answer:
Verified
Correct Answer:
Verified
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