What conclusion can be drawn about a product with an income elasticity of demand (YED) of –1.5 and a cross-elasticity of demand (XED) of +1.2 relative to another product?
- AThe product is an inferior good. The other product is a complement.
- BThe product is an inferior good. The other product is a substitute.
- CThe product is a normal good. The other product is a complement.
- DThe product is a normal good. The other product is a substitute.