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wrote...
Posts: 125
2 months ago

Which of the following statement(s) is (are) true?



• If the cross-price elasticity of demand between two goods is negative, then the two good are complements.

• If the income elasticity of demand for a product is greater than 1, then the good is labeled a necessity.

• If the income elasticity of demand for a product is negative, then the good is labeled an inferior good.

• Both If the cross-price elasticity of demand between two goods is negative, then the two good are complements and If the income elasticity of demand for a product is negative, then the good is labeled an inferior good
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Introduction to Agricultural Economics
Edition: 7th
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wrote...
Posts: 170
2 months ago
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Both If the cross-price elasticity of demand between two goods is negative, then the two good are complements and If the income elasticity of demand for a product is negative, then the good is labeled an inferior good
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2 months ago
Brilliant
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