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Author Question: The recent reduction in the price of oil has increased the demand for foreign automobiles. Based on ... (Read 37 times)

lbcchick

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on: Jun 29, 2018
The recent reduction in the price of oil has increased the demand for foreign automobiles. Based on this statement, what may be concluded about price, cross-price, or income elasticity of demand?
 
  What will be an ideal response?

Question 2

Rate of return regulation is typically imposed on
 
  A) monopolistically competitive firms.
  B) an oligopoly.
  C) a natural monopoly.
  D) perfectly competitive firms.


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peter

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The cross-price elasticity of demand between foreign automobiles and oil is negative, suggesting complementary products.

Answer to Question 2

C


lbcchick

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

mcarey591

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Reply 3 on: Yesterday
Excellent

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