Here are some leaders who donât match our ideal: 1  The teenage gang leader who has âstreet credâ, is tough and prepared to defy the law, even if it means shooting his way out of trouble. 2  Stalin, admired by some Russians who like tough leaders, even if ruthless.
When price and total revenue move in the same direction, demand is relatively inelastic. True: when price and total revenue move in the same direction, demand is relatively inelastic. Why will the price elasticity of demand will be greater when the price of a good is higher relative to a consumer's income. A higher priced good will have a higher price elasticity of demand.
Elastic Demand Inelastic Demand; Meaning: When a little change in the price of a product results in a substantial change in the quantity demanded, it is known as elastic demand. Inelastic demand refers to a change in the price of a good result in no or slight change in the quantity demanded. Elasticity Quotient: More than equal to 1: Less than 1: Curve: Shallow