Asked by
Lulu's Dance
on Nov 17, 2024
Verified
For a good that is a luxury, demand
A) tends to be inelastic.
B) tends to be elastic.
C) has unit elasticity.
D) cannot be represented by a demand curve in the usual way.
Luxury
A luxury item is a good or service that is considered to be of high quality, often resulting in higher prices and perceived as non-essential but desirable if one has the means.
Demand
The consumer's desire and willingness to pay for a good or service, influenced by price, income, tastes, and expectations.
- Distinguish between products characterized by elastic and inelastic demand, considering factors like necessity, luxury, and the presence of alternate options.
Verified Answer
NK
Learning Objectives
- Distinguish between products characterized by elastic and inelastic demand, considering factors like necessity, luxury, and the presence of alternate options.