Economics Multiple Choice Question – 27 July 2021

What is cross elasticity of demand?

Select ONE answer:

1. the responsiveness of price of good X due to a change in demand of good Y
2. the responsiveness of quantity demanded of a good due to a change in its price
3. the responsiveness of quantity demanded of good X due to a change in quantity of good Y
4. the responsiveness of quantity demanded of good X due to a change in the price of good Y

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 4

1. Not correct
2. Not correct
3. Not correct
4. Correct

This work is licensed under a Creative Commons Attribution 4.0 International License.