If Product X Is a Luxury, and for Product Y

question 59

Multiple Choice

If product X is a luxury, and for product Y there are no close substitutes, then we should expect the price elasticities of demand for X and Y to be relatively

• A) elastic and inelastic, respectively.
• B) inelastic and elastic, respectively.
• C) elastic for both.
• D) inelastic for both.
• E) difficult, if not impossible, to determine from the information given.

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