If goods are complements, definitely their
Cross elasticities are positive
Cross elasticities are negative
Income elasticities are negative
Price elasticities are negative
_____ are not necessary essential.
Necessities
Luxuries
Complementary
Giffen goods
The absolute value of the coefficient of elasticity of demand ranges from
Zero to infinity
Minus infinity to plus infinity
One to infinity
Zero to one
Demand is elastic when
Price level is high
More substitutes are available
Income of the consumer is less
All of the above
_______ is a measure of the responsiveness of demand for one good to a change in the price of another good and involves demand curve shifts.
Cross Price elasticity of demand
Price elasticity of demand
Unit elasticity of demand
Price elasticity of supply