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प्रश्न
Identify the type of goods having price elasticity of demand greater than 1:
पर्याय
Luxury goods
Inferior goods
Necessary goods
Giffen goods
MCQ
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उत्तर
Luxury goods
Explanation:
The price elasticity of demand for luxury products is greater than 1 because the percentage change in demand exceeds the percentage change in price of luxury items.
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