In General, Demand Curves for Necessities Tend to Be Price

question 31

True/False

In general, demand curves for necessities tend to be price elastic.

---

Definitions:

Negative Correlation

A relationship between two variables in which one variable increases as the other decreases.

General Happiness

A subjective measure of an individual's overall well-being and contentment with life, often studied in the fields of psychology and sociology.

Rule Of Law

The principle that all individuals, institutions, and entities are accountable to laws that are publicly promulgated, equally enforced, and independently adjudicated.

Pluralistic Ignorance

A psychological state where individuals mistakenly believe their thoughts, feelings, or behaviors are different from those of the group.