Question

12. What are goods with prestige value? Why are they called so? And also explain the law of demand is not applicable to extremely low priced goods.​

Answer 1

Answer:

Many goods and services have prestige value, that is, they increase the status of consumers who own or use them. These are called prestige (or status, or positional) goods. Jewelry and fashionable clothing, luxurious homes and cars, and extravagant entertainment are examples of these prestige goods.

Explanation:

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