Question : The elasticity of demand for luxury goods is:
Option 1: Less than one
Option 2: More than one
Option 3: Zero
Option 4: Infinite
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Correct Answer: More than one
Solution : The correct answer is More than one
The elasticity of demand for luxury goods is more than one . It indicates that consumers are highly responsive to changes in the prices of luxury items. A relatively small price increase can lead to a noticeable decrease in the quantity demanded, and a price decrease can result in a significant increase in demand.
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