For a Particular Good,an 8 Percent Increase in Price Causes

question 115

Multiple Choice

For a particular good,an 8 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 necessity.
• C)The market for the good is broadly defined.
• D)The relevant time horizon is long.

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Definitions:

Hunter-Gatherer Societies

Communities that subsist by hunting, fishing, and harvesting wild food, often with nomadic lifestyles.

Recuperate

To recover or regain health, strength, or energy after illness, injury, or exertion.

Exponential Growth

A pattern of data that escalates at an increasingly rapid rate, often used to describe population growth, infection rates, or compounding interest.

Domestication

The process by which humans breed and cultivate plants and animals for personal use, altering their characteristics over generations to suit human needs.