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.

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