European Baccalaureate Economics Practice Questions - European Baccalaureate Economics Exam

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If the Cross Price Elasticity of Demand (XED) between Good X and Good Y is -2.5, what is the economic relationship between Good X and Good Y?

Good X and Good Y are strong substitutes Good X and Good Y are strong complements Good X and Good Y are unrelated independent goods Good X is an inferior good relative to Good Y

Correct Answer:

Good X and Good Y are strong complements

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