One Way to Define Luxuries (As Opposed to Necessities)is to Say

question 4

Multiple Choice

One way to define luxuries (as opposed to necessities) is to say that luxuries are those goods

• A) purchased by consumers with high incomes.
• B) with high prices.
• C) with high income elasticities of demand.
• D) that are perfectly price inelastic.
• E) for which substitutes are not readily available.