Whether a good is a luxury or necessity depends on the
A)price of the good.
B)preferences of the buyer.
C)intrinsic properties of the good.
D)scarcity of the good.

Question

Quizplus · Accepted Answer

Whether a good is a luxury or necessity is subjective and varies based on the preferences of the buyer. Some people may consider a certain good a luxury while others may see it as a necessity, based on their individual needs and desires. The price of the good, intrinsic properties, and scarcity may all influence the perception of its luxury vs. necessity status, but ultimately it is the preferences of the buyer that determine this distinction.

Whether a Good Is a Luxury or Necessity Depends on the