The demand for a vacation in Europe is most likely elastic.
It is likely that the demand for vacation in Europe is elastic. As, vacation travel is generally planned further in advance and generally includes weekend stays, the first and third hints relate to pricing systems that sort customers according to the elasticity of demand.
Elastic goods include luxury items and certain food and beverages as changes in their prices affect demand. Thus, a luxury has many substitutes, so the demand for a luxury is elastic. So, exotic vacations are considered as luxuries.
Hence, the demand for a vacation in Europe is elastic.
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