For a Particular Good,a 10 Percent Increase in Price Causes

question 246

Multiple Choice

For a particular good,a 10 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 no close 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 long.

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Definitions:

Linehaul Highway

A major transportation route designed for the efficient movement of goods and passengers over long distances.

Fully-Oscillating

Refers to a component or system, typically in heavy machinery, that has the ability to move or pivot freely in all directions.

Articulate Planes

refers to surfaces or structures that are connected in a way that allows for movement or adjustment, often found in machinery or anatomical structures to enable flexibility and range of motion.

Semi-Oscillating

Refers to a type of movement or mechanism that involves partial oscillation, often used in machinery or vehicle suspension systems.