Multiple Choice
Suppose a 5 percent increase in price causes a 25 percent decrease in quantity demanded. Which of the following statements is most likely true?
A) There are many substitutes for this good.
B) There are few substitutes for this good.
C) The market for the good is a necessity.
D) The price change persists over a very short period of time.
Correct Answer:
Verified
Correct Answer:
Verified
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