Whether a Good Is a Luxury or Necessity Depends on the

question 232

Multiple Choice

Whether a good is a luxury or necessity depends on the

• A)price of the good.
• B)preferences of the buyer.
• C)intrinsic properties of the good.
• D)scarcity of the good.

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Definitions:

Endorse

To sign the back of a financial document or to publicly support a product, candidate, or policy.

Actual Name

The legal name under which an individual or entity is registered for official purposes.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a general disdain for other cultures.

Grapevine

An unofficial channel of communication within an organization, characterized by the informal and rapid spread of information and rumors.