This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The recent reduction in the price of oil has increased the demand for foreign automobiles. Based on ... (Read 56 times)

lbcchick

  • Hero Member
  • *****
  • Posts: 550
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

peter

  • Sr. Member
  • ****
  • Posts: 330
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

  • Member
  • Posts: 550
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

lcapri7

  • Member
  • Posts: 350
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

A recombination-based map of one of the chromosomes of Drosophila A recombination-based map of one of the chromosomes of Drosophila
Osteoporosis. (a) A section through normal spongy bone. (b) A section through a bone with osteoporos Osteoporosis. (a) A section through normal spongy bone. (b) A section through a bone with osteoporos
An Oil-dependent World— Supply and Demand Driven An Oil-dependent World— Supply and Demand Driven
Likelihood of Developing Type 2 Diabetes Mellitus Based on BMI Likelihood of Developing Type 2 Diabetes Mellitus Based on BMI
Association of Different HLA Alleles and Increased Susceptibility to Autoimmune Diseases Association of Different HLA Alleles and Increased Susceptibility to Autoimmune Diseases
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Factors that increase metabolic rate and heat production

For a complete list of videos, visit our video library