Which of the following statements is FALSE? a. Cross elasticity of demand is positive between complements. b. Income elasticity of demand is positive for normal goods. c. Price elasticity of supply is positive for most products. d. Price elasticity of demand is negative for most products.

What is the cross price elasticity?

If goods X and Y are COMPLEMENTS, the which of the following could be the value of cross price elasticity of demand?a) 0.b) 1.c) -1.d) All of the above could be the value of cross price elasticity of demand.

Price Elasticity of Demand 1. For each of the following pairs of goods, identify the good that you would expect to be more elastic. Briefly explain your answers (1-2 sentences). a) Eggs versus butter. b) Speedboats versus lightbulbs. c) Orange juice in general versus Tropicana brand of orange juice. d) Trips by your Congressperson to D.C. versus vacation trips by you to Hawaii.