The price elasticity of demand for a specific model of a luxury car is likely to be
A) elastic.
B) inelastic.
C) 0.
D) infinite.

Name: The price elasticity of demand for a specific model of a luxury car is likely to be A) elastic. B) inelastic. C) 0. D) infinite.
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Question

Quizplus · Accepted Answer

Luxury cars typically have elastic demand because consumers can be sensitive to price changes and may choose not to purchase if the price increases.

The Price Elasticity of Demand for a Specific Model of a Luxury