Business, 03.07.2020 21:01 Yumimiku5989

Choose the correct answers : 1. If the demand for product A displays high and postitive cross-price elasticity with respect to the price of product B, then:

a. the demand for product A is likely to have a low price elasticity

b. product A and B are subtitutes

c. products A and B are complements

d. the demand for product B is likely to have a low price elasticity

2. Fast food is believed to be an inferior good. This means that:

a. the quantity of fast food consumed decreases as income increases

b. the income elasticity of demand for fast food is positive

c. The quantity of fast food consumed will always be high

d. fast food is really not quality food

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