If a Good Is a Luxury Item That Looms Large

question 187

Multiple Choice

If a good is a luxury item that looms large in the household budget, then demand will tend to:

• A) be more price-elastic.
• B) be less price-elastic.
• C) have price elasticity equal to 1.
• D) be the same as that of a necessity.

---

Definitions:

Time Zone Settings

Configurations within a device to adjust the clock according to the geographic location's standard time.

RSS Feed

An online content subscription service that enables users and applications to receive updates in a uniform, machine-readable format.

Web Sources

Web sources are online materials such as websites, web pages, blogs, and other internet-based publications that provide information.

Quick Parts

A feature in Microsoft Office programs that allows users to insert reusable pieces of content such as headers, footers, or formatted tables into their documents.