Question: For a particular good, a 2 % increase in its price will lead to a 4 0 % decrease in the quantity demanded. What is

For a particular good, a 2% increase in its price will lead to a 40% decrease in the quantity
demanded. What is the most likely explanation?
a. There are many close substitutes for the good.
b. The good is a necessity
c. The relevant time horizon is short
d. Both B and C

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