If cola and iced tea are good substitutes for customers, Microeconomics

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If cola and iced tea are good substitutes for customers

1. If cola and iced tea are good substitutes for customers, then it is probable that:

a. their cross price elasticities are greater than zero.

b. their price elasticities of demand are less than one.

c. their income elasticities are less than zero.

d. their price elasticities of supply are less than one .

2. __________ is the change in what is on the horizontal axis (quantity) divided by the change in what is on the vertical axis (price).

a. Elasticity

b. Demand

c. Supply

d. Revenue

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Microeconomics: If cola and iced tea are good substitutes for customers

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