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49) If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for cars would be most reasonable to anticipate?

A) 0.0

B) 1.2

C) -2.5

D) -1.0

50) Use the above figure. Which graph depicts complementary goods?

A) A

B) B

C) C

D) D

51) Use the above figure. Which graph depicts substitute goods?

A) A

B) B

C) C

D) D

52) If the price of wireless phone service decreases and the demand for wired phone services decreases, then wired and wireless phone services are

A) substitutes.

B) complements.

C) inferior goods.

D) elastic goods.

53) What would you expect the cross price elasticity of iPods and online music downloads? Explain your answer.

54) How does the cross elasticity of demand differ from the price elasticity of demand? How are they related?

55) Why can cross price elasticity of demand be positive or negative, unlike the price elasticity of demand with respect to the item's own price?

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