Necessities Tend to Have Elastic Demands, Whereas Luxuries Tend to Have

question 221

True/False

Necessities tend to have elastic demands, whereas luxuries tend to have inelastic demands.

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Definitions:

Zoroastrian

A follower of Zoroastrianism, one of the world's oldest monotheistic religions, founded by the prophet Zoroaster in ancient Iran.

Group Membership

The affiliation or inclusion of individuals within a group, which affects their identity and social interactions.

Social

Pertains to activities, behaviors, or phenomena related to the interactions and relationships among individuals within a society.

William James

An American philosopher and psychologist, often referred to as the "Father of American psychology."