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.
Demand Inelasticity. Inelastic demand is when a product or service can increase in price without having a negative effect on demand. For instance, cigarettes can increase in price significantly, but smokers will still buy them. This can also be seen when it comes to the types of goods the government chooses to tax.