Two goods are close substitutes for each other if their cross elasticity of demand equals 0.

Name: Two goods are close substitutes for each other if their cross elasticity of demand equals 0.
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Question

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Two goods are close substitutes for each other if their cross elasticity of demand is positive and significantly greater than 0, indicating that an increase in the price of one good leads to an increase in the demand for the other good.

Two Goods Are Close Substitutes for Each Other If Their