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The cross—price elasticity of demand between good X and good Y is 0
The cross—price elasticity of demand between good X and good Y is 0.5. Given this information,
which of the following statements is TRUE
The demand for goods X and Y is inelastic O
Goods X and Y are substitutes O
Goods X and Y are complements O
The demand for goods X and Y is income inelastic O
Expert Solution
Goods X and goods Y are substitutes.
Step-by-step explanation
When Cross elasticity is positive therefore, it's substitute goods. When price of X rise as the effect demand for Y increases.
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