Use the following general linear demand function below: where Qd = quantity demanded,P = the price of the good,M = income, = the price of a good related in consumption.For the general linear demand function given above
A)
B) d is the effect on the quantity demanded of the good of a one-dollar change in the price of the related good,all other things constant.
C) b is the effect on the quantity demanded of the good of a one-dollar change in the price of the good,all other things constant.
D) all of the above
Correct Answer:
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