Demand Is Inelastic When the Percentage Change in the Quantity

question 32

True/False

Demand is inelastic when the percentage change in the quantity demanded exceeds the percentage change in the price of a good.

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Definitions:

Cognitive Therapy

A form of psychotherapy that focuses on changing unhelpful or unhealthy ways of thinking, thus influencing behavior and emotional state.

Self-critical Patterns

Persistent negative thoughts and evaluations about oneself that can affect mental health and wellbeing.

Behavior

The actions or reactions of an object or organism, usually in relation to the environment or stimuli.

Psychoanalytic

Relating to the psychological theory and therapy developed by Sigmund Freud that focuses on unconscious processes influencing behavior.