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Economics 103 Final exam ANSWER KEY - Simon Fraser …
www.sfu.ca7) Suppose the demand curve for good X is horizontal. This shows that the demand for good X is A) unit elastic. B) inelastic. C) perfectly elastic. D) perfect inelastic. E) elastic. Answer: C 8) Business people speak about cross elasticity of demand without using the actual term. Which one of the following statements reflects cross elasticity ...
Mark Scheme (Results) Summer 2014
qualifications.pearson.com• Definition of cross elasticity of demand or correct formula (the responsiveness in demand for good B due to a change in price of good A, or, %ΔQD good B 1 mark) • Goods which have a negative XED are complementary goods / joint demand. (1 mark) • Application: a decrease in the price of motor vehicles