the price of other goods
the price of the good
tastes and fashion
the income of consumers
Explanation
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major determinant of the demand for a luxury good is____________? the answer to this should be D and not A cos it is a consumers income that should determine the extend of luxury goods they can purchase
The answer should be B
Because the major determinant for a normal good is the income of a consumer while the major determinant for a luxury good is the price of the good
as the name implies, it's the price of the goods that determines its demand.
consumers won't buy the goods if its price is low.
they're goods of ostentation and the price attracts its demand.
my school, be be warned!!!
Please it's A. This is even a repeated question
Luxury goods are products that are not essential but are highly desired and associated with wealthy or rich people. Most luxury goods are bought because of the high price associated with it and to support self-worth and status.
Option D
Explanation: For a luxury goods, income will be an important determinant of demand. e.g. if your income increased you would buy more restaurant meals and vice versa. Income and luxury goods have a direct relationship
