22. If the cross elasticity of demand between bread rolls and cheese is -3,0, this implies that thesegoods areA luxuries.B complements.C necessities.D substitutes.E income inferior goods.23. If the cross elasticity of demand for two goods, A and B, is +5,0, then this implies that thesegoods must beA luxuries.B complements.C necessities.D substitutes.E income inferior goods.24. In economics, the short run is a period of timeA of one year or less.B in which all inputs are variable.C in which all inputs are fixed.D in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied.E in which all inputs are variable but technology is fixed.25. A perfectly competitive firm is referred to as aA price giver.B price taker.C price maker.D price cutter.E price setter.

Cross-elasticity of demand is a term which calculates the reactivity of the amount requested for one…

Answered: 22. If the cross elasticity of demand…

22. If the cross elasticity of demand between bread rolls and cheese is -3,0, this implies that these goods are A luxuries. B complements. C necessities. D substitutes. E income inferior goods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

22. If the cross elasticity of demand between bread rolls and cheese is -3,0, this implies that these
goods are
A luxuries.
B complements.
C necessities.
D substitutes.
E income inferior goods.
23. If the cross elasticity of demand for two goods, A and B, is +5,0, then this implies that these
goods must be
A luxuries.
B complements.
C necessities.
D substitutes.
E income inferior goods.
24. In economics, the short run is a period of time
A of one year or less.
B in which all inputs are variable.
C in which all inputs are fixed.
D in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied.
E in which all inputs are variable but technology is fixed.
25. A perfectly competitive firm is referred to as a
A price giver.
B price taker.
C price maker.
D price cutter.
E price setter.

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