Multiple Choice
For a particular good, a 3 percent increase in price causes a 10 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
A) The relevant time horizon is short.
B) The good is a necessity.
C) The market for the good is broadly defined.
D) There are many close substitutes for this good.
Correct Answer:
Verified
Correct Answer:
Verified
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