If a good is considered to be a luxury? good, does it mean that the Law of Demand does not? hold? Part 2 A. ?No, the Law of Demand is an immutable law of? nature, like the law of? gravity, which can never be violated. B. ?Yes, the Law of Demand is only relevant for normal goods. C. ?No, it only means that its income elasticity of demand is greater than? 1.0, so the Law of Demand still holds. D. ?Yes, since luxury goods are associated with conspicuous? consumption, high-income individuals purchase more of these goods as their prices rise.