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प्रश्न
Why do people buy more luxury goods when prices go up, defying the usual law of demand?
पर्याय
They expect future price drops
High price signals better quality
Luxury items are seen as status symbols
They are essential for survival
MCQ
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उत्तर
Luxury items are seen as status symbols
Explanation:
Veblen goods are luxury or status goods, and demand increases with price because higher prices enhance their prestige.
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