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07-01-2020
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If the cross-price elasticity of demand between two goods is 1.75, then the two goods are:A) complements.B) substitutes.C) luxury goods.D) inferior goods

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pedrocarratore pedrocarratore

08-01-2020

Answer:

B) substitutes.

Explanation:

A positive cross-price elasticity of demand means that for an increase in price in one good, there is an increase in demand for the other. This is a typical characteristic of substitute goods, that is, if the price of one good starts rising, the demand for its substitute increases.

The two goods are B) substitutes.

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