A particular good an 8 percent increase in price causes a, Business Economics

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A particular good an 8 percent increase in price causes a

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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