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.
If the answer is greater than one, then the demand or supply is elastic, if the answer is less than one then it is considered to be inelastic. â¢ Elastic and inelastic are both economic concepts used to describe changes in the buyerâs and supplierâs behavior in relation to changes in price.