A major determinant of the demand for a luxury good is___...
A major determinant of the demand for a luxury good is____________?
The price of other goods
The price of the good
Tastes and fashion
The income of consumers
Correct answer is D
Luxury goods are goods whose demand increases as the consumer's income increases. That means that when consumer income increases, they purchase more of these goods and vice versa. The major determinant of a luxury good is the income of the buyer.
The main industrial cities in Nigeria are ...
The international production set for Nigeria and Austria is: \(\begin{array}{c|c} Products &...
The reward which accrues to labour for participating in production is ...
Which of the following best explains the structural changes in the population of a country? ...
Demand pull inflation is likely to be caused by ...
In the diagram above what happens when the minimum wage is fixed at OW? ...
Firms are often set up close to each other in order to take advantage of ...
For two substitution goods, the cross elastic of demand is ...