...considered to be substitute juic? Which of the following statements is true?
If apple juice and grape juice are considered to be substitute juices, it is reasonable to assume that:
(a)Their cross elasticity of demand is less than zero
(b)A decrease in the price of grape juice given ceteris paribus will cause an increase in the demand for apple juice
(c)An increase in the price of grape juice given ceteris paribus will cause an increase in the demand for apple juice
(d)None of the above
If apple juice and grape juice are considered to be substitute juices, it is reasonable to assume that:
(a)Their cross elasticity of demand is less than zero
(b)A decrease in the price of grape juice given ceteris paribus will cause an increase in the demand for apple juice
(c)An increase in the price of grape juice given ceteris paribus will cause an increase in the demand for apple juice
(d)None of the above