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4. Elasticity
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Problem 15
4. Elasticity
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4. Elasticity / Cross-Price Elasticity of Demand / Problem 12
Problem 12
The price of gym memberships increases, and the quantity demanded of home exercise equipment also increases. What logical conclusion can be drawn?
A
Gym memberships and home exercise equipment are luxury goods.
B
Gym memberships and home exercise equipment are substitutes.
C
Gym memberships and home exercise equipment are complements.
D
Gym memberships and home exercise equipment are unrelated.
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