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dskmvld dskmvld
wrote...
Posts: 489
5 years ago

Question 1.

In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information suggests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars and bus travel, are negative.

• true

• false

Question 2.

According to the Apply the Concept feature in the textbook, in the alcohol industry, both wine and spirits are considered to be substitutes for beer.

• true

• false
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
Read 47 times
1 Reply
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Answer verified by a subject expert
AndreasnlnvldAndreasnlnvld
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Posts: 381
5 years ago
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