A negative cross elasticity of demand means that two goods are _, while a negative income elasticity of demand means that a good is a(n) _ good. complements; normal substitutes; inferior substitutes; normal complements; inferior

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31-05-2022
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A negative cross elasticity of demand means that two goods are _, while a negative income elasticity of demand means that a good is a(n) _ good. complements; normal substitutes; inferior substitutes; normal complements; inferior

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ogorwyne ogorwyne · Answer 1 · 2022-06-07T12:40:54+02:00

A negative cross elasticity of demand means that two goods are complements, while a negative income elasticity of demand means that a good is a(n) inferior good.

What is cross elasticity of demand?

This is a term that has to do with the sensitivity of the demand of goods and services to the prices of other goods.

When it is negative it means that they are complements. It is inferior when income elasticity is also negative.

A negative cross elasticity of demand means that two goods are _____, while a negative income elasticity of demand means that a good is a(n) _____ good. complements; normal substitutes; inferior substitutes; normal complements; inferior

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What is cross elasticity of demand?

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A negative cross elasticity of demand means that two goods are _, while a negative income elasticity of demand means that a good is a(n) _ good. complements; normal substitutes; inferior substitutes; normal complements; inferior