An increase in the price of the commodity

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Reference no: EM13861723

1. If the demand for a commodity is elastic, an increase in the price of the commodity

a. Will increase revenue

b. Will decrease revenue

c. Will have no effect revenue

d. May increase or decrease revenue

2. Assume the cross price elasticity of demand for products A and B is positive. Then, the products must be

a. Complements

b. Substitutes

c. Electronics

d. Automobiles

Reference no: EM13861723

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