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Question
When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of
a. price elasticity of demand.
b. cross-price elasticity of demand.
c. income elasticity of demand.
d. price elasticity of supply.
e. income elasticity of supply.
Answer
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Related questions
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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