For a particular good, an 8 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most
For a particular good, an 8 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
A.There are no close substitutes for this good.
B.The good is a necessity.
C.The market for the good is broadly defined.
D.The relevant time horizon is long.
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