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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Definitions:

Talent Development

The systematic effort to improve individuals' abilities and skills for current and future organizational needs.

Knowledge Sharing

The exchange of information, skills, or expertise among individuals or organizations to foster learning and innovation.

Learning And Development

The ongoing process of acquiring new knowledge, skills, and competencies to improve one's capabilities, performance, and career prospects, typically supported by educational and professional training programs.

Employee Development

Initiatives taken by an organization to improve the knowledge, skills, and abilities of its employees.