Examlex
Which of the following is NOT TRUE?
Luxury Goods
High-end products and services that are perceived to be more prestigious and are usually purchased by individuals with more disposable income.
Price Elastic
Refers to the degree to which the quantity demanded or supplied of a good or service changes in response to a change in its price.
Necessities
Basic needs essential for maintaining life, such as food, water, shelter, and clothing, which take precedence over other types of spending.
Elasticity Coefficient
A measure used to show the responsiveness of the quantity demanded or supplied to a change in one of its determinants, like price or income.
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