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October 12, 2020
Consider a woman who earns $10 per hour and who does not have non-labour income (V=0). Assume that there are 168 hours in a week, draw her weekly…
October 12, 2020
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For a particular good, an 8 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most

For a particular good, an 8 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?

A.There are no close substitutes for this good.

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B.The good is a necessity.

C.The market for the good is broadly defined.

D.The relevant time horizon is long.

 

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