For a Particular Good,a 2 Percent Increase in Price Causes

question 212

Multiple Choice

For a particular good,a 2 percent increase in price causes a 12 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 luxury.
• C)The market for the good is broadly defined.
• D)The relevant time horizon is short.

---

Definitions:

Safety Representatives

Individuals designated to represent the interest of workers in matters of workplace health and safety.

Jargon

Specialized language used by a particular group or profession, often difficult for outsiders to understand.

Specialized Meaning

Terms, expressions, or concepts that have a specific definition and context within a particular field or profession.

Evaluating Activities

The systematic process of assessing the design, implementation, and outcomes of activities to determine their effectiveness or impact.