A Given Percentage Rise in the Price of a Good

question 174

Multiple Choice

A given percentage rise in the price of a good is likely to result in a larger percentage decrease in the quantity of the good demanded

• A)the shorter the passage of time.
• B)the larger the proportion of income spent on it.
• C)the harder it is to obtain good substitutes.
• D)all of the above
• E)none of the above

---

Definitions:

Long-Term Relationships

Emotional and social bonds that are maintained between individuals over a prolonged period, typically involving mutual respect, affection, and shared experiences.

Measurement Tools

Instruments or techniques used to evaluate, assess, or quantify variables or phenomena in various fields, such as science, education, and health.

Psychology

The scientific study of the mind and behavior, examining individuals and groups through various methods and approaches.

Objective Evaluation

An assessment based on measurable and observable facts or criteria, free from personal biases or emotions.