Necessity Goods and Veblen GoodsWhen the price of a good increases, consumers typically buy less of it. Yet two types of goods donot follow this pattern. Necessity goods are products that people always buy, even when prices rise.Consumers purchase necessi

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Necessity Goods and Veblen Goods
When the price of a good increases, consumers typically buy less of it. Yet two types of goods do
not follow this pattern. Necessity goods are products that people always buy, even when prices rise.
Consumers purchase necessity goods because they need them. Even if a necessity good doubles in
price, people will always attempt to buy it.
Veblen goods, conversely, are products that people buy more of because of the goods' high prices.
However, people buy these goods, even when they are expensive, for different reasons. People
purchase Veblen goods despite their high prices because many consumers equate high prices with
quality and status. By buying Veblen goods, consumers feel that they are getting a better product than
they would with lower-priced goods that perform the same function.

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Hello.
I decided to ask your professional opinion about this type of questions:
-How can I improve my answer.
-What would make it better.
-Might you recommend me good authors to learn from

p.s. I am sorry for the mistakes a couple of keys do not work on this laptop after I spilled some sweet tea on the keyboard.

Thank you.

You can catch the content very well. Your main issue is that there are still some hesitations in the speaking. The hesitations are not serious, but for sure you need to improve in this matter to get high marks.

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