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Demand Is More Inelastic for an Item Which Is a Luxury

question 67

True/False

Demand is more inelastic for an item which is a luxury as compared to an item which is a necessity.


Definitions:

Neurotic

Pertaining to neurosis, a broad category of psychological disorders characterized by anxiety, depression, or other feelings of distress.

Personality Disorder

A type of mental disorder characterized by enduring maladaptive patterns of behavior, cognition, and inner experience.

Increased Depression

A state where there is a significant rise in feelings of sadness, worthlessness, and a lack of interest in activities once enjoyed.

Psychiatric Services

Medical services focusing on the diagnosis, treatment, and prevention of mental, emotional, and behavioral disorders.

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