If We Observe That When the Price of Chocolate Increases

question 183

True/False

If we observe that when the price of chocolate increases by 10%, quantity demanded falls by 5%, then the demand for chocolate is price inelastic.

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Definitions:

Odourless

Lacking a detectable smell, characteristic of certain substances or conditions where no odor is perceptible.

Corrosive

Materials or substances that have the ability to destroy or damage other materials through a chemical reaction.

Ozone Layer

A stratospheric layer containing a high concentration of ozone, which protects the Earth from the sun's harmful ultraviolet radiation.

Methyl Bromide

A toxic gas used as a pesticide and for fumigation, known to deplete the ozone layer and hazardous to human health.