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LuxuriesGoods and services that hav
Luxuries
Goods and services that have a high elasticity of demand.
When the price of, say, a caribbean holiday rises, the number of vacations demanded falls sharply. Likewise, demand for caribbean holidays rises significantly as averageincome increases, certainly by more than demand for many normal goods. Contrast this with necessities, such as milk or bread, which people usually demand in quite similar quantities whatever their income and whatever the price.
Among the following things, which one is in quite similar quantities regardless of people’s ncome and its price?
A.Car
B.Rice
C.House
D. Motorcycle
Goods and services that have a high elasticity of demand.
When the price of, say, a caribbean holiday rises, the number of vacations demanded falls sharply. Likewise, demand for caribbean holidays rises significantly as averageincome increases, certainly by more than demand for many normal goods. Contrast this with necessities, such as milk or bread, which people usually demand in quite similar quantities whatever their income and whatever the price.
Among the following things, which one is in quite similar quantities regardless of people’s ncome and its price?
A.Car
B.Rice
C.House
D. Motorcycle
0/5000
LuxuriesGoods and services that have a high elasticity of demand.When the price of, say, a caribbean holiday rises, the number of vacations demanded falls sharply. Likewise, demand for caribbean holidays rises significantly as averageincome increases, certainly by more than demand for many normal goods. Contrast this with necessities, such as milk or bread, which people usually demand in quite similar quantities whatever their income and whatever the price.Among the following things, which one is in quite similar quantities regardless of people’s ncome and its price?A.CarB.RiceC.HouseD. Motorcycle
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- Finally, watermarks undergo the same tra
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