Asked by
Mansi Kahar
on Oct 12, 2024
Verified
When the cross elasticity of demand for two services is positive,then these services are _________.
A) complements
B) substitutes
C) both complements and substitutes
D) neither complements nor substitutes
Cross Elasticity
A measure of how the quantity demanded of one good responds to a change in the price of another good.
- Gain insight into the concept of cross elasticity of demand and its relevance in the classification of goods as substitutes or complements.
Verified Answer
BW
Learning Objectives
- Gain insight into the concept of cross elasticity of demand and its relevance in the classification of goods as substitutes or complements.
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