The assumption of wage and price flexibility lead classical economists to conclude that business cycle fluctuations are short-term in nature.
a. True
b. False
Indicate whether the statement is true or false
Question 2
The definition of cross-elasticity of demand with regard to two products X and Y is:
a. the percentage change in the quantity of X demanded divided by the percentage change in the quantity of Y demanded.
b. the percentage change in the price of Y divided by the percentage change in the quantity of X demanded.
c. the percentage change in the price of Y divided by the percentage change in the price of X.
d. the percentage change in the demand of one good (good X) divided by the percentage change in the price of another good (good Y).
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