Answered

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For a good that is a luxury, demand
a.tends to be inelastic.
b.tends to be elastic.
c.cannot be represented by a demand curve in the usual way.
d.has unit elasticity.

Sagot :

Answer:

b. tends to be elastic.

Explanation:

Luxury goods are typically non-essential or non-necessary items that consumers can easily reduce their consumption of when their income decreases or when prices rise. In economic terms, this means that the quantity demanded of luxury goods is more responsive to changes in price compared to essential goods (like basic food items or utilities). Therefore, the demand for luxury goods tends to be elastic.

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