For a Particular Good,a 5 Percent Increase in Price Causes

question 159

Multiple Choice

For a particular good,a 5 percent increase in price causes a 15 percent decrease in quantity demanded.Which of the following statements is most likely applicable to this good?

• A)There are many substitutes for this good.
• B)The good is a necessity.
• C)The market for the good is broadly defined.
• D)The relevant time horizon is short.

---

Definitions:

Fragrant Odors

Smells that are pleasantly sweet or aromatic, often produced by flowers, herbs, spices, or essential oils.

Pleasant Memories

Recollections that are enjoyable and positive.

Evoked

Brought about or called to mind; in neuroscience, it can refer to responses or potentials generated by the brain in reaction to a stimulus.

Olfactory Receptor Cells

Specialized neurons in the nose involved in the detection of odor molecules, playing a key role in the sense of smell.