Essay
Define cross-price elasticity.What does it mean if the cross-price elasticity is equal -3?
A.An increase in the price of the complementary good will lead to a greater proportional decrease in the quantity demanded of the product.
B.If the cross-price elasticity is -3,product A and B are complements.This means that a 1% increase in the price of product B will lead to a 3% decrease in the quantity demanded of product
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