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.
(2) Perfectly Inelastic Demand: When the quantity demanded of a good dose not change at all to whatever change in price, the demand is said to be perfectly inelastic or the elasticity of demand is zero. For example, a 30% rise or fall in price leads to no change in the quantity demanded of a good.