Prestigious products such as expensive wines and liquors and those whose quality is difficult to objectively judge have negatively sloping demand curves.

Question

Quizplus · Accepted Answer

Prestigious products like expensive wines and liquors often have positively sloping demand curves due to the Veblen effect, where higher prices can lead to higher demand because the goods are perceived as more desirable or status-enhancing.

Prestigious Products Such as Expensive Wines and Liquors and Those