What Is Likely to Be the Demand for a Luxury

question 144

Multiple Choice

What is likely to be the demand for a luxury item, like a yacht?

• A)Both income 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:

Phobias

Intense, irrational fears of specific objects or situations that significantly interfere with an individual's daily life.

Obsessive-Compulsive Disorder

A mental health disorder characterized by recurring, unwanted thoughts (obsessions) and repetitive behaviors (compulsions) as a way to cope with anxiety.

Obsessions

Persistent, unwanted thoughts, images, or impulses that invade an individual's consciousness, often causing significant anxiety or distress.

Compulsions

Repetitive behaviors or mental acts that an individual feels driven to perform in response to an obsession or according to rules that must be applied rigidly.