Demand for a Good Is Said to Be Inelastic If

question 125

True/False

Demand for a good is said to be inelastic if the quantity demanded increases slightly when the price falls by a large amount.

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Definitions:

Disturbing

Causing anxiety, distress, or upset; unsettling or troubling to the mind or emotions.

Foreground

In a discussion, text, or image, refers to the elements that are highlighted, emphasized, or in the direct focus, contrasting with the background information.

Equilibrium

A state of balance or stability within a system, where forces are equal and opposing, resulting in no net change.

Id Impulses

The innate and primitive behaviors and instincts that drive one's actions, according to Freudian psychology.