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In what way might a marketer rely on opinion leaders?
Luxury Good
High-quality or extravagant products that are not considered essential but are highly desired and associated with wealth.
Inferior Good
A type of good for which demand decreases as the income of consumers increases.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at each price point.
Elastic Demand
A situation in which the demand for a product or service is significantly responsive or sensitive to changes in its price.
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