Final answer:
Shoes and socks are likely to have a negative cross-price elasticity of demand because they are complementary goods.
Step-by-step explanation:
The cross-price elasticity of demand measures the responsiveness of the quantity demanded of one good when the price of another good changes. If shoes and socks are considered as complementary goods, meaning that they are typically used together, then they are likely to have a negative cross-price elasticity of demand. This is because when the price of shoes goes up, consumers will be less willing to buy shoes, and therefore less likely to buy socks as well.
Shoes and Socks are likely to have a negative cross-price elasticity of demand because they are complementary goods, meaning that they are typically used together. If the price of shoes increases, people are likely to buy fewer socks as well since they are often used in combination. This negative cross-price elasticity indicates that an increase in the price of one (shoes) will likely result in a decrease in the quantity demanded of the other (socks).