The demand for spring break vacations is _____ price elastic than the demand for textbooks because vacations _____.
A) less; have more available substitutes
B) more; have less available substitutes
C) less; are more of a luxury
D) more; are more of a luxury

Question

Quizplus · Accepted Answer

Vacations are considered more of a luxury compared to textbooks, and the demand for luxury items tends to be more price elastic because consumers can more easily choose not to purchase them when prices increase.

The Demand for Spring Break Vacations Is _____ Price Elastic