true or false? elasticity refers to the law in economics that a higher price will lead to a lower quantity…
true or false? elasticity refers to the law in economics that a higher price will lead to a lower quantity demanded. select the correct answer below: true false
Answer
Brief Explanations:
The law that a higher price leads to a lower quantity demanded is the law of demand. Elasticity in economics measures the responsiveness of quantity demanded or supplied to changes in price or other factors.
Answer:
False