In the US, Less Than Two Percent of the Population Lives in Lives

question 64

True/False

In the U.S., less than two percent of the population lives in rural areas on farms.

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Definitions:

Inelastic Demand

A situation in which the demand for a product does not significantly change with a change in its price.

Price-Elastic

Refers to the degree to which the demand for a product changes in response to a change in its price.

Substitutes

Goods or services that can replace each other in usage, where an increase in price of one leads to an increase in demand for the other.

Price Elasticity

An appraisal of how demand levels are impacted by price changes of a good.