Demand for a Luxury Item, Such as a Yacht, Is

question 72

Multiple Choice

Demand for a luxury item, such as a yacht, is likely to be

• A)both income inelastic and price inelastic.
• B)both income elastic and price elastic.
• C)income elastic and price inelastic.
• D)income inelastic and price elastic.

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Definitions:

Magnification

The process of enlarging the appearance of an object as viewed through an optical instrument like a microscope or telescope.

Microscope Stage

The platform on a microscope where the specimen is placed for examination.

Focusing

The act of directing one's attention or vision towards something specific.