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.

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Definitions:

Ambiguous Genitalia

A condition in which a newborn's external genitalia do not appear to be clearly male or female, making it difficult to assign the infant's sex at birth.

Male/Female

The two primary biological sexes in many species, including humans, characterized by reproductive roles and physiological differences.

Familial Environments

The social and physical surroundings within a family unit, including relationships, structures, and cultural norms that influence individual development.

Self-awareness

Insight into one’s own inner life, including emotions, analytical thinking, and understanding one's place in the social world.