If Demand Hardly Changes with a Small Decline in Price

question 124

True/False

If demand hardly changes with a small decline in price, we say that the demand is inelastic.

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Definitions:

Mental Age

A measure of intelligence test performance devised by Binet; the level of performance typically associated with children of a certain chronological age. Thus, a child who does as well as an average 8-year-old is said to have a mental age of 8.

Binet and Simon

Alfred Binet and Theodore Simon, psychologists who developed the first practical intelligence test, the Binet-Simon scale, to assess cognitive abilities in children.

Aptitude Test

A test designed to predict a person’s future performance; aptitude is the capacity to learn.

Automobile Mechanic

A professional who specializes in repairing, maintaining, and sometimes modifying vehicles.