The demand for a luxury good whose purchase would exhaust a big portion of one's income is:
A. perfectly price inelastic.
B. perfectly price elastic.
C. relatively price inelastic.
D. relatively price elastic.
Answer: D
Economics
You might also like to view...
Why might a concentration ratio be a poor measure of actual industry competition?
What will be an ideal response?
Economics
Raising total utility is the prime objective of which political philosophy?
a. utilitarianism b. liberalism c. libertarianism d. None of the above is correct.
Economics