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Generate QuizEconomics – Medium Level – GK Questions
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Complementary goods have positive cross elasticity.
- True
- False
Answer: False
Complements have negative cross elasticity.
Cross elasticity of demand for substitutes is?
- Positive
- Negative
- Zero
- Infinite
Answer: Positive
If the price of one rises, demand for the other rises.
Exception to law of demand?
- Normal goods
- Giffen goods
- Luxuries
- Substitutes
Answer: Giffen goods
Giffen goods have an upward sloping demand curve.