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

question 252

Multiple Choice

For a particular good,an 8 percent increase in price causes a 4 percent decrease in quantity demanded.Which of the following statements is most likely applicable to this good?

• A)There are many 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 long.

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Definitions:

Extraversion

A personality trait characterized by sociability, talkativeness, assertiveness, and high levels of emotional expressiveness.

Genetic Components

The parts of an organism's genetic makeup inherited from its parents that influence particular traits or diseases.

Personality Variable

A factor within an individual that reflects distinctive patterns of thought, emotion, and behavior, contributing to unique habits and attitudes.

Lipstick Effect

The economic theory that suggests consumers will spend more on small indulgences during economic downturns, maintaining purchases of luxury or non-essential items despite a lower overall spending capacity.