For a Particular Good, a 12 Percent Increase in Price

question 172

Multiple Choice

For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?

• A)There are many substitutes for this good.
• B)The good is a necessity.
• C)The market for the good is narrowly defined.
• D)The relevant time horizon is long.

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Definitions:

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Consciousness Raising

A form of activism aimed at increasing awareness about a particular issue, often related to social injustices or inequalities.

Second Wave Feminists

Activists and thinkers associated with the feminist movement during the 1960s and 1970s, focusing on issues like equality in the workplace, reproductive rights, and legal inequalities.

Double Bind

A psychological predicament in which an individual receives two or more conflicting messages, with one negating the other, creating a situation in which the person cannot appropriately respond or resolve.