For a particular good, a 10 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
Answer:
a. The good is a luxury.
b. There are many close substitutes for this good.
c. The market for the good is narrowly defined.
d. The relevant time horizon is short.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “For a particular good, a 10 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
You have heard a lot about diversity issues and you would like to be sure your club is sensitive to this issue. You hire a consultant to advise you about your future hiring policy. What did the consultant tell you
Answers (1)
Brian has decided to supplement his job application to Wendenlt Corporation with a cover letter to the senior manager of human resources. However, he knows neither the name nor the gender of the senior manager he wishes to address.
Answers (1)
Which eu country has recently established formal border controls along one of its borders?
Answers (1)
Companies such as starbucks and ibm are businesses that serve customers and suppliers wherever in the world they may be located and also hire talent from around the world, wherever available, at the lowest cost.
Answers (1)
Megan and Susan are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer.
Answers (1)
New Questions in Business
A firm plans to begin production of a new small appliance. The manager must decide whether to purchase the motors for the appliance from a vendor at $8 each or to produce them in-house.
Answers (2)
A stock's holding period return represents: a. the return from a stock relative to the return from a specific portfolio. b. the total return earned over a specific period through buying and selling an asset. c.
Answers (1)
Evaluate the current China/Taiwan logistics costs. Assume a current total volume of 190,000 CBM and that 89 percent is shipped direct from the supplier plants in containers.
Answers (1)
Given the pork supply function Q = 178 + 40p - 60p_h. how does the supply function, Q = 88 + 40p. change if the price of hogs increases from $1.50 to $1.90 per kg? If the price of hogs increases to $1.90 per kg, then the supply function will be Q =
Answers (1)
An example of inflation is, if the amount of money in a country doubled, but the production of goods and services stayed the same, the price of all goods and services would decline by about half, assuming that other factors, such as external trade,
Answers (1)