Elasticity of Demand Is Likely to Be Higher for Less-Expensive

question 73

True/False

Elasticity of demand is likely to be higher for less-expensive goods, other things being equal.

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Definitions:

Disaffirmance

The legal right of a minor to void contracts or agreements entered into, under specific conditions.

Contractual Capacity

The legal ability of a person or entity to enter into a contract.

Ratify

To formally approve or confirm an agreement, treaty, or action, making it officially valid.

Disaffirm

To disaffirm means to officially reject, deny, or renounce a contract or agreement, especially by a minor or someone not fully competent.