Demand for a luxury item, such as a yacht, is likely to be
A) income elastic and price inelastic. B) income inelastic and price elastic.
C) both income elastic and price elastic. D) both income inelastic and price inelastic.
C
Economics
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If a perfectly competitive firm doubles its output,
a. price will fall, obeying the law of demand b. it will have no effect on price c. the market supply curve shifts to the left d. its profit will double e. it prevents other firms from entering the market
Economics
A shift in supply means a change in the quantity supplied at _______ price(s).
a. low b. high c. no d. every
Economics