Question : If two commodities are complements, then their cross-price elasticity is
Option 1: zero
Option 2: positive
Option 3: negative
Option 4: imaginary number
Answer (1)
25th Jan, 2024
Correct Answer: negative
Solution : The correct answer is negative .
Cross-price elasticity is negative when two goods are complementary. This means when the price of one commodity rises, so will the demand for the other. This is because complements are commodities that are consumed together.
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