Which one of the following generalizations is not correct?

The demand for luxury goods is relatively elastic.

The demand for necessities is relatively elastic.

The greater the availability of substitutes, the higher the price elasticity of demand.

The higher the price of an item is as compared to a consumer's income the higher the elasticity of demand.

The demand for luxury goods is relatively elastic.

The demand for necessities is relatively elastic.

The greater the availability of substitutes, the higher the price elasticity of demand.

The higher the price of an item is as compared to a consumer's income the higher the elasticity of demand.

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