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Read the following sentence and identify if the verb form used is correct or not:
If not, then correct it-
That’s a very old bicycle. How long do you have it?
a) The used verb form is correct.
b) The used verb form is wrong. The correct verb form is: did he have it.
c) The used verb form is wrong. The correct verb form is: do you have it.
d) The used verb form is wrong. The correct verb form is: have you had it.

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Answer
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Hint: The present perfect tense is used to indicate an action or a situation that began in the past and is still continuing in the present.

Complete step-by-step answer:

As given in the hint, the present perfect tense represents the effects of the actions of the past on the present situation.
The formation of present perfect tense- Has/have + past participle/ 3rd form of the verb.
Example- She has forgotten her book. Here, we can understand that the action of ‘forgetting the book’ began in the past and is still continuing in the present.
In the given question; X is asking Y about the old bike he bought in the past and is still using it in the present.
Now, let’s examine the given options-
a)The used verb form is not correct. Hence, it is an incorrect option.
b)We cannot use a simple past tense to express the accurate meaning of the sentence. Hence, it is an incorrect option.
c)We cannot use simple present tense to indicate an action that began in the past. Hence, it is an incorrect option.
d)We use the present perfect tense to indicate an action that began in the past and is continuing in the present. Hence, it is the correct option.
The correct answer is Option ‘d’.

Note: We have used the past participle form of the ‘have’ in the above-given answer. The past participle form of have cannot be formed by adding ‘ed’, hence we have used ‘had’.