The cross elasticity of demand between apples and oranges is defined as the
A) percentage change in the quantity of apples demanded divided by the percentage change in the price of oranges.
B) price elasticity of demand for apples divided by the price elasticity of demand for oranges.
C) percentage change in the quantity of apples demanded divided by the percentage change in the quantity of oranges demanded.
D) change in the quantity of apples demanded divided by the change in the quantity of oranges demanded.
Question 2
In monopolistic competition, there are
A) many firms making a differentiated product.
B) a few firms making a differentiated product.
C) many firms making an identical product.
D) a few firms making an identical product.
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