Which of the following statements are false? (i) The absolute value of the price elasticity of demand is greater when substitutes are available. (ii) The cross-price elasticity of demand measures the percentage change in the quantity demanded for one good that results from a one percent change in the quantity demanded of a second good. (iii) If a 12% decrease in an individual’s income increases his quantity demanded for oats by 6%, the income elasticity of demand coefficient is 0.5.

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