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.
Inelastic demand means that the amount or quantity of a certain product changes in small measure when the price of the product changes, particularly when the percentage of change in the quantity of product being demanded is less than the change in price.