Question
1.Fill in the blanks below. a.If the cross price elasticity of demand between two goods is positive, those goods are called _______________________ goods. b.If the
1.Fill in the blanks below.
a.If the cross price elasticity of demand between two goods is positive, those goods are called _______________________ goods.
b.If the cross price elasticity of demand between two goods is negative, those goods are called _______________________ goods.
c.If the income elasticity of demand for a good is positive, that good is called a ___________________ good.
d.If the income elasticity of demand for a good is negative, that good is called a ____________________ good.
e.The same price elasticity of demand for a good is always _____________ since demand curves slope downward.
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