Question

The price elasticity of demand is 0, if with 20% increase in the

price, expenditure of the commodity also rises by 20%. true or false
​

Answer 1

Answer:

A positive cross-price elasticity value indicates that the two goods are substitutes. For substitute goods, as the price of one good rises, the demand for the substitute good increases. For example, if the price of coffee increases, consumers may purchase less coffee and more tea.

Explanation:

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