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For a Particular Good,a 10 Percent Increase in Price Causes

Question 470

Multiple Choice

For a particular good,a 10 percent increase in price causes a 5 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 necessity.
C) The market for the good is narrowly defined.
D) The relevant time horizon is long.

Correct Answer:

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