For a Particular Good, a 12 Percent Increase in Price

question 172

Multiple Choice

For a particular good, a 12 percent increase in price causes a 3 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 narrowly defined.
• D)The relevant time horizon is long.

Identify appropriate tone and buffer strategies for bad-news communications.

Recognize unethical behaviors in business communication.

Comprehend the importance of preparing and structuring information before delivering bad news in person.

Apply the principles of tact and diplomacy in constructing bad-news messages within organizations.

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Definitions:

Inputs into

The various resources such as raw materials, labor, and capital that are used in the production process of goods and services.

Worthwhile Life

A concept reflecting a life that is considered meaningful, fulfilling, or valuable, often measured by personal achievements, happiness, or contributions to society.

GDP

Gross Domestic Product is the total market value of all final goods and services produced within a country in a given period of time.

Real GDP per Person

A measure of a country's economic output that accounts for its number of people, adjusting for inflation to reflect the true purchasing power per individual.