Site navigation

What is the nature of Elasticity of Demand for luxury items like high-class furnitures ?

Luxury items such as high-class furniture exhibit Highly elastic demand (price elasticity greater than unity) because consumers can easily postpone purchases or switch to…

Choose your answer

What is the nature of Elasticity of Demand for luxury items like high-class furnitures ?

Select one answer
Answer and explanation

Correct answer B

Luxury items such as high-class furniture exhibit Highly elastic demand (price elasticity greater than unity) because consumers can easily postpone purchases or switch to lower-priced alternatives when prices rise.

Practice for these exams

  • UGC NET Commerce

Related question papers

Related exam syllabi

Related questions in this topic