Demographic Trends Indicate That, in the Coming Two Decades, the Proportion

question 19

True/False

Demographic trends indicate that, in the coming two decades, the proportion of middle-class households in emerging markets will become much larger.

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Definitions:

Substitutes

Products or services that can be used in place of each other; an increase in the price of one leads to an increase in demand for the other.

Available

Referring to resources or goods that are obtainable and can be utilized.

Perfectly Price Elastic

This refers to a situation where the demand for a product or service changes infinitely with a very small change in price.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity supplied by producers.