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
When goods are received, the receiving clerk sends copies of the receiving report to the inventory control clerk and the AP clerk.
Answers (1)
Affliction Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2014, consists of products D, E, F, G, H, and I.
Answers (1)
BC Corporation has 1,800 shares outstanding and earned $2,700 last year on assets of $2 million and equity of $1.5 million. What is the PE ratio if the stock is currently selling at $18 per share?
Answers (1)
At the end of the season, little billy's baseball team has a record of 7 wins and 5 losses. little billy's best buddy bobby's team has a record of 8 wins and 4 losses. the worst team in the league has twice as many losses as wins.
Answers (1)
Einstein bought a property from Plato. Einstein agreed to pay Plato $1615 per month for the next 15 years. Then the total balance will be due and legal title will change hands at that time. This is called a:
Answers (1)
New Questions in Business
Kingbird, Inc. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $390000 and credit sales are $1560000. Management estimates that 5% of accounts receivable will be uncollectible.
Answers (1)
In addition to the positive welfare effects that free trade has on an economy, there are a variety of other benefits of international trade.
Answers (1)
Sea Company reports the following information regarding its production costs: Units produced 54,000 units Direct labor $ 47 per unit Direct materials $ 40 per unit Variable overhead $ 29 per unit Fixed overhead $ 135,000 in total Compute the product
Answers (1)
In which case did the U. S. Supreme Court determine that the federal government did not overstep its bounds under the commerce clause when it enacted the Controlled Substances Act of 1970? a. Shepard v. U. S. b. Gonzalez v. Raich c. Obergefell v.
Answers (1)
For his 17th birthday, Asher bought himself a used car from a car dealer for $10,000. The dealer purchased it for $6,000, repaired it, and then sold it to Asher.
Answers (1)