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
Q138: Which of the following describes a situation
Q139: A recent study on enrollment at a
Q140: If rice is an inferior good,
A) the
Q141: If the price of grapes increases, total
Q142: Suppose an increase in the price of
Q144: If demand is inelastic, an increase in
Q145: If the board of regents of a
Q146: Suppose Microsoft announces it is cutting the
Q147: If a 10 percent rise in price
Q148: How does the concept of elasticity allow
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents