The price of a good increases by 5% and the quantity demanded of it increases by 3%. At the same time, consumer incomes for the good rise by 4%. In this situation, the law of demand seems not to apply. What is the most likely explanation?
- AOther things did not remain equal.
- BThe demand for the good was price inelastic.
- CThe real price of the good fell.
- DThe time period was the very short run.