As the prices of luxury items increase, the demand usually declines as these goods are not essential and their purchase can be delayed. This would be called_____.
Fill in the blank(s) with the appropriate word(s).
elastic demand
As the prices of luxury items increase, the demand usually declines as these goods are not essential and their purchase can be delayed. This would be called elastic demand. A product or service for which customers are willing to pay virtually any price is said to have a very inelastic demand.
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