Multiple Choice
If the cross-price elasticity between ketchup and hamburgers is −1.2,a 4 percent increase in the price of ketchup will lead to a 4.8 percent:
A) drop in quantity demanded of ketchup.
B) drop in quantity demanded of hamburgers.
C) increase in quantity demanded of ketchup.
D) increase in quantity demanded of hamburgers.
Correct Answer:
Verified
Correct Answer:
Verified
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