Questions

If the percent change in quantity demanded is less than the percent change in price, economists label the demand for the good as inelastic.

A good that is inelastic does not have very stretchy demand. In economic terms, the quantity demanded does not change a lot when the price changes.

So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent or less than 10, that good is said to have inelastic demand.

Hence, in this case, consumers are not considered very sensitive, or responsive, to a change in the price of that good.

The basic concept in economics is that all resources are limited.

World Consumer Rights Day is being observed globally on 15 March which is an awareness day for the consumers.

Someone who has consumed a lot of alcohol were not capable of giving true consent.

Yes, in any matter the particles are always moving. But the speed of the particles moving sepends on the temperature. As temperature increases, the speed of the particles also increases.