Multiple Choice
When the price of a good increased by 6 percent, the quantity demanded of it decreased 3 percent. Most likely, this good ________ and ________.
A) is a necessity; has poor substitutes
B) has poor substitutes; is a luxury
C) is a necessity; has good substitutes
D) is a luxury; is narrowly defined
E) is a luxury; has experienced a recent price change
Correct Answer:
Verified
Correct Answer:
Verified
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