If We Observe That When the Price of Chocolate Increases

question 12

True/False

If we observe that when the price of chocolate increases by 10%, total revenue increases by 10%, then the demand for chocolate is unit price elastic.

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Definitions:

Thomas Malthus

An English economist and demographer, best known for his theory that population growth will outpace the food supply, leading to societal collapse.

Industrialization

The development of industries in a country or region on a wide scale, leading to significant changes in society and the economy.

Population Growth

The increase in the number of individuals in a population, typically measured as a percentage of the existing population.

Gentrification

The process of middle-class people moving into rundown areas of the inner city and restoring them.