Luxuries of life often exhibit low elasticity of demand. True /falze
Dear Student
False. Luxuries of life have greater elasticity of demand. Change in their prices has a great effect on their demand. Because, these goods are not essentials of life and their purchase requires a high percentage of income.
Regards
False. Luxuries of life have greater elasticity of demand. Change in their prices has a great effect on their demand. Because, these goods are not essentials of life and their purchase requires a high percentage of income.
Regards