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प्रश्न
True or False with Reason:
Luxury goods often have lower price elasticity of demand.
चूक किंवा बरोबर
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उत्तर
This statement is false.
Explanation:
- Purchase of luxury goods can be postponed when prices rise.
- Therefore, demand for luxury goods is generally more elastic than demand for necessities.
- So luxury goods usually have higher price elasticity, not lower.
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