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Author Question: If a rise in the price of good 1 decreases the quantity of good 2 demanded A) the cross ... (Read 135 times)

tnt_battle

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on: Jun 29, 2018
If a rise in the price of good 1 decreases the quantity of good 2 demanded
 
  A) the cross elasticity of demand is negative.
  B) the cross elasticity of demand is positive.
  C) good 1 is an inferior good.
  D) good 2 is an inferior good.

Question 2

The small town of Narberth has two pizza stores. Which of the following statements are CORRECT?
 
  I. The profits of each store depend on the price of the pizza at the other store.
  II. Both stores would increase their profit if they cooperated in setting their prices.
  A) I only
  B) II only
  C) Both I and II
  D) Neither I nor II


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mk6555

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

A

Answer to Question 2

C


tnt_battle

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Reply 2 on: Jun 29, 2018
Excellent

mcabuhat

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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