Economics · Microeconomics
Cross elasticity of demand measures the responsiveness of:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The price of a given good to changes in the quantity of a related good
- 2The quantity demanded of a given good to a relative change in the price of a related good✓
- 3The proportional change in the prices of both commodities
- 4The proportional change in the demand for both commodities
Correct answer
The quantity demanded of a given good to a relative change in the price of a related good
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