A luxury good is defined as one for, Business Economics

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A luxury good is defined as one for

A luxury good is defined as one for which:

the absolute value of price elasticity of demand is less than 1.

the price elasticity of supply is greater than 1.

the price elasticity of supply is exactly equal to 1.

the income elasticity of demand is greater than 1.

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Business Economics: A luxury good is defined as one for

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