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Consumer Behavior
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Why?
Luxury goods
What is the income elasticity of demand for luxury goods?
Zero
Less than one
Greater than one
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Why?
Luxury goods
What is the difference between a luxury good and a necessity good?
Luxury goods are more expensive than necessity goods
Demand for luxury goods increases proportionally as income rises
Demand for necessity goods increases proportionally as income rises
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Why?
Luxury goods
What is a luxury good?
A good for which demand decreases as income rises
A good for which demand stays the same as income rises
A good for which demand increases more than what is proportional as income rises
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