Is $\mathbb{R}^2$ with product defined like $(x, y)\cdot(a, b)=(ax, by)$, and usual addition, a field?

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It satisfies the definition of field. The multiplicative identity can be $(1,1)$. So, is it a field this way too (other than the obvious complex number way)?

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Well! clearly not because by definition every non-zero element should be invertible but any element of the forms $(x,0)$ or $(0,y)$ are not invertible clearly. I hope this works.

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$(1,0) \cdot (0,1)=(0,0)$ so you have zero divisors. It’s not even an integral domain.