Write True or False to the Statements Below

question 40

True/False

Write True or False to the statements below.If the statement is false, rewrite the underlined word or phrase to make the statement true.
-Settlements of people in Latin America are concentrated in cities and on the coasts.

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Definitions:

Income Elasticity

A measure of how the demand for a good or service changes in response to changes in consumer income, indicating whether a good is a luxury or a necessity.

Price Elasticity

The measure of responsiveness of the quantity demanded or supplied of a good to a change in its price.

Supply

The total amount of a good or service available for purchase at any given price.

Inelastic Demand

A situation where the quantity demanded of a good or service changes little when its price changes.