These are multiple choice questions. You have to read the questions and then answer them.

Question 9 (1 point) Saved Taking the absolute value of the cross-price elasticity of demand is incorrect because it would: O remove the ability to tell whether the two products have inelastic demand or elastic demand. cause the value of the cross-price elasticity of demand to become smaller. O remove the ability to tell whether the two products are substitutes or complements. O cause the value of the cross-price elasticity of demand to become zero.Question 23 (1 point) Saved The price of milk at the local grocery store is cut by 10%. The quantity of milk demanded increases by 5% in response to this price cut. What is the absolute value of the price elasticity of demand for milk? 2 -2 0.5 O 0.5Question 25 (1 point) Saved An equilibrium price is a price where the O demand curve is identical to the supply curve. O amount that buyers are willing to buy is equal to the amount that buyers are able to buy. O quantity demanded no longer changes. O quantity supplied equals the quantity demanded.Question 30 (1 point) Saved If income rises by 10% and the quantity demanded of an item rises by 20%, the income elasticity of demand for this item is: 1 2. O - 2. 23 0.5. O -0.5