The standard of living has declined in the United States because Fewer American consumers are able to buy luxury goods in comparison to the past.
What are Luxury goods?
Luxury goods are non-essential items that are highly sought after and associated with the wealthy or affluent.
They are purchased for a variety of reasons, including self-worth and status, as well as the product's quality and craftsmanship.
The fewer United States people buy the luxury goods means that the economy of the states is declining.
As the people purchase More of the luxury goods, there is more flow of money in the market and the buying capacity also increases of the people in the economy.
In the given example, standard of living has declined in the United States, it clearly stated that few people are capable to buy the luxury goods.
Therefore, option A is correct.
Learn more about the luxury goods, refer to:
https://brainly.com/question/3265721
