Elasticity of Demand Equals the Ratio of the Percentage Change

question 162

True/False

Elasticity of demand equals the ratio of the percentage change in the price of a good to the percentage change in the quantity demanded.

---

Definitions:

Labor

Human effort, either physical or mental, applied in the production of goods and services.

Repressive Law

A type of law in traditional societies, as described by Durkheim, that focuses on punishing offenders to maintain collective order rather than rehabilitating them.

Mechanical Solidarity

A concept in sociology that describes the integration of members of a society who have common values and beliefs that create a sense of unity and cooperation.

Common Morality

A set of shared ethical principles and values that guide behavior and decision-making within a community or society.