"Some goods are bought largely because they have ‘snob appeal.' For example, the residents of Beverly Hills gain prestige by buying expensive items. In fact, they won't buy some items unlessthey are expensive. The law of demand, which holds that people buy more at lower prices than athigher prices, obviously doesn't hold for the residents of Beverly Hills. The following rulesapply in Beverly Hills: high prices, buy; low prices, don't buy." Discuss