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rsbains rsbains
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5 years ago

Which of the following is true?



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

• If the income elasticity of demand f is greater than 0, then the good is labeled as inferior.

• The law of demand states that as the price of a commodity rises, the changes in consumer surplus is negative.

• The law of diminishing marginal utility states that utility declines as more of a good is consumed.
Textbook 
Introduction to Agricultural Economics

Introduction to Agricultural Economics


Edition: 7th
Authors:
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crdsacrdsa
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