When There Is an Increase in Demand, the Rise in the Equilibrium

question 88

True/False

When there is an increase in demand, the rise in the equilibrium price is greater if supply is price elastic.

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Definitions:

Required Credit

The minimum credit score or financial requirement needed by an individual to qualify for certain loans, services, or credit lines.

Open Account Agreement

A financial arrangement between sellers and buyers allowing the buyer to pay the seller at a later date, commonly used in international trade.

Least Safe

Describing a condition or situation that poses the most significant risk of harm, injury, or danger to individuals or property.

Unfavorable Balance

Describes a situation where a country's imports exceed its exports, leading to a deficit in the balance of payments.