If the Percentage Change in Quantity Is Less Than the Percentage

question 241

True/False

If the percentage change in quantity is less than the percentage change in price, demand is said to be price inelastic.

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Definitions:

Components

The parts or elements that make up a whole system or object.

Connective

In formal logic, an operator that combines propositions to form a new proposition with a truth value derived from the original propositions.

Consistent

Marked by harmony, regularity, or steady continuity; free from contradiction.

Truth Tables

A table used in logic to determine whether a proposition is true or false for all possible logical variable combinations.