Authority and Responsibility Are the Same Thing

question 12

True/False

Authority and responsibility are the same thing.

---

Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Elastic Demand

A situation where the quantity demanded of a good or service changes significantly in response to a change in price.

Total Revenue

The total amount of money a firm receives by selling goods or services.

Price Elasticity

A rating of the degree of demand fluctuation for an item as a consequence of variations in its price.