Suppose a 3 percent increase in price causes a 26 percent decrease in quantity demanded for a particular good

Subject:EconomicsPrice:2.88 Bought3

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Suppose a 3 percent increase in price causes a 26 percent decrease in quantity demanded for a particular good. 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.

e. The good is a tiny part of consumers' budgets.