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Complete each of the following sentences: a
Complete each of the following sentences:
a. The income elasticity of demand measures, for a given price, the in quantity demanded divided by the income from which it resulted.
b. If a decrease in the price of one good causes a decrease in demand for another good, the two goods are _.
c. If the value of the cross-price elasticity of demand between two goods is approximately zero, they are considered .
Expert Solution
a. The income elasticity measures the change in the quantity demanded divided by the change in the income.
b. If a decrease in the price of one good causes a decrease in demand for another good, the two goods are substitute products.
c. If the value of the cross-price elasticity of demand between two goods is approximately zero, they are considered totally unrelated.
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