For a particular good, a 3 percent increase in price causes a 10 percent decrease in quantity demanded

Subject:EconomicsPrice:2.88 Bought3

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For a particular good, a 3 percent increase in price causes a 10 percent decrease in quantity demanded. Which of the following statements is most likely applicable 10 this good?

a. The relevant time horizon is short,

b. The good is a necessity,

c. The market for the good is broadly define,

d. There are many dose substitutes for this good.