If a 10 Percent Price Increase Causes the Quantity Demanded

question 36

True/False

If a 10 percent price increase causes the quantity demanded for a good to decrease by 10 percent, demand is unitary elastic.
​

---

Definitions:

Game Theory

A mathematical and conceptual framework used to analyze strategic interactions among rational decision-makers, often applied in economics, political science, and behavioral studies.

Microdimension

Microdimension refers to the small scale or detailed aspect of something, often highlighting specific, minor components within a larger context.

Marxist Theory

A socio-economic ideology based on the works of Karl Marx and Friedrich Engels, emphasizing class struggle, the role of labor in creating value, and the eventual overthrow of capitalism by the proletariat.

Critical Theorists

Scholars, primarily associated with the Frankfurt School, who analyze the ways in which societal structures perpetuate inequality, oppression, and domination.