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:

Commercial Impracticability

A principle that excuses a party from performing their contractual obligation due to the occurrence of events that fundamentally transforms the nature of the obligations which the parties could not have anticipated.

Delta Star

Delta Star is a term often used in electrical engineering to refer to a method of connecting three-phase transformers or motors, involving a delta configuration and a star (wye) configuration.

Buyer's Right

Rights legally entitled to the purchaser of goods or services, including the rights to receive information, to a fair contract, and to complain and seek redress.

Rejecting Delivery

The action of refusing to accept delivery of goods or services, typically due to non-compliance with terms of contract.