Question 23 (2 points) If a 5 percent increase in price causes a 15 percent decrease in quantity demanded, what might be said about this product? O It has no close substitute. It might be a luxury. OO It might be part of a broadly defined market. It might be in a short time horizon. Question 24 (2 points) The elasticity of demand will change along which kind of demand curve? Oelasticity of demand remains constant along all demand curves Oa linear, upward-sloping demand curve a horizontal demand curve O a linear, downward sloping demand curve