Asked by
Caleb Santa
on Oct 12, 2024
Verified
Cross elasticity of demand measures the response in
A) the quantity of one good demanded to a change in the price of another good.
B) the income of consumers to the change in the price of goods.
C) the price of a good to a change in the quantity of another good demanded.
D) quantity of one good demanded when the quantity demanded of another good changes.
Cross Elasticity
A measure of the responsiveness of the demand for one product in relation to a change in the price of another product.
- Understand the concept of cross elasticity of demand and its implications for goods being substitutes or complements.
Verified Answer
MB
Learning Objectives
- Understand the concept of cross elasticity of demand and its implications for goods being substitutes or complements.
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