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Question
Any statement about demand for a good is considered complete only when the following is/are mentioned in it:
Options
Price of the good
Quantity of the good
Period of time
All of the above
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Solution
All of the above
Explanation:
A statement about demand for a good is considered complete only when it includes:
- Price of the good: Demand is always linked to a specific price level.
- Quantity of the good: It specifies how much of the good is demanded.
- Period of time: Demand is typically measured over a specific period, such as per day, week, month, etc.
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