Question 45 of 48
Q.State whether the following statement is True or False:
Demand for luxurious goods is elastic.
(a) True
(b) False
Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2020MCQ· 1mImportance★★★★★
94% · 45/48 Questions
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Demand for luxurious goods is elastic. Luxuries are not essential, their purchase can be postponed, and they usually claim a large part of income, so even a small rise in price causes a more-than-proportionate fall in quantity d …
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