The Demand for a Good Is Said to Be Elastic

question 150

True/False

The demand for a good is said to be elastic if a small price decrease leads to a substantial increase in the quantity demanded.

---

Definitions:

Self-Awareness

Insight into one's own persona, emotions, driving forces, and yearnings.

Self-Restraint

The ability to control impulses and delay immediate gratification for longer-term benefits.

Group Discussion

A structured conversation or meeting focused on a particular topic, where multiple individuals share ideas, suggestions, and opinions.

Affirmative Action

Policies or measures that aim to increase opportunities for historically disadvantaged groups by considering those very characteristics (such as race or gender) in decisions like employment and education.