The Size of the Price Elasticity of Demand Is Important

question 141

True/False

The size of the price elasticity of demand is important to determine how much market price will change in response to a shift in the supply.

---

Definitions:

Dependents

Individuals, typically family members, who rely on another person, usually the primary earner, for financial support and are often covered by that person's health insurance policies.

Tax Purposes

Refer to the reasons or activities for which financial and transactional information is used to comply with taxation laws and regulations.

Gross Weekly Earnings

The total amount of money earned in a week before any deductions, such as taxes or retirement contributions.

Hourly Rate

A rate of payment for services or labor charged or paid per hour.