What does the statement Life is a "luxury good" mean in economic terms? Group of answer choices It was estimated that the value of life exhibits the income elasticity substantially greater than 1. It was estimated that the value of life exhibits the income elasticity substantially smaller than 1. It was estimated that the value of life exhibits the price elasticity substantially greater than 1. It was estimated that the value of life exhibits the price elasticity substantially smaller than 1. Only wealthy people can afford to buy significantly "more life" through investing more in medical care