Economics · Elasticity of Demand
Which of the following combinations correctly identifies the truth value of the statements regarding elasticities? 1. If income elasticity is positive, the commodity is an inferior good. 2. If two goods are complements, the cross elasticity will be negative. 3. If price elasticity is greater than 1, demand is inelastic. 4. Unrelated products have a cross elasticity of infinity.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11 - False, 2 - True, 3 - False, 4 - False✓
- 21 - False, 2 - False, 3 - False, 4 - False
- 31 - True, 2 - True, 3 - False, 4 - False
- 41 - True, 2 - False, 3 - True, 4 - True
Correct answer
1 - False, 2 - True, 3 - False, 4 - False
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