Multiple Choice Questions (3 points each) (11) If goods X and Y are substitues, which of the following could (11) be the value of the cross-price elasticity between X and Y a) -0.5 a)-0.5 b)-5 c) neither a), nor b) d) both a) and b) (12) A 6% increase in the price of tea causes a 12% increase (12) in the demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is: b) 0.5 c) -2.0 d) 2.0 (13) All of the following statements are correct except: (13) a) Marketing mix comprises product, price, promotion, and place. b) Market intelligence is an important facilitating function that makes possible the smooth performance of the agro- food supply chain. c) Standardization and transportation are facilitating functions. d) Speculative middlemen buy and sell products with the major goal of profiting from short-term price fluctuations. (14) All of the following statements are incorrect except: (14) a) Farm sector is not part of the food marketing system. b) The relationship between farmers and food marketing firms is only competitive and not complementary. c) Competition plays a key role in fostering pricing efficiency d) Livestock commission firms receive their income from merchandising livestock products