Since an Individual Spends a Small Share of the Income

question 228

True/False

Since an individual spends a small share of the income on salt, the elasticity of demand is likely to be low.

---

Definitions:

Rogers

Refers to Carl Rogers, an influential American psychologist who founded the humanistic approach to psychology.

Theory

A systematic set of ideas intended to explain facts or phenomena, often based on principles independent of the things to be explained.

Reciprocal Determinism

Bandura’s concept of a mutual influential relationship among behavior, cognitive factors, and environment.

Bandura

Albert Bandura, a psychologist known for his work on social learning theory and the concept of self-efficacy.