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MMLU-Pro / 7259 / What is meant by cross elasticity of demand?

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

What is meant by cross elasticity of demand?

category

economics

options

  1. Cross elasticity is the ratio between the percent-age change in the price of a good and the per-centage change in the quantity demanded of another good
  2. Cross elasticity is the measure of how the quantity supplied of one good changes in response to a change in price of the same good
  3. Cross elasticity is the ratio between the percent-age change in the quantity demanded of a good and the per-centage change in the price of another good.
  4. Cross elasticity is the ratio between the percentage change in the quantity supplied of a good and the percentage change in the price of another good
  5. Cross elasticity is the ratio between the percentage change in price of a good and the percentage change in the quantity demanded of the same good
  6. Cross elasticity is the change in demand for a good due to a change in the price of a complementary good
  7. Cross elasticity is the change in quantity demanded of a good due to a change in income of the consumer
  8. Cross elasticity is the measure of the change in the quantity demanded of a good in response to a change in the consumer's taste
  9. Cross elasticity is the ratio between the quantity demanded of a good and the price of another good
  10. Cross elasticity is the change in quantity demanded of a good due to the change in price of the same good

src

stemez-Economics

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Source and history

Official source

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