Perfectly Inelastic Demand Has an Elasticity Value of 1

question 120

True/False

Perfectly inelastic demand has an elasticity value of 1.

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Definitions:

Hierarchical Structure

An organizational structure where entities are ranked one above the other according to authority or status.

Managerial Overrides

When a manager or leader bypasses existing procedures, policies, or systems, often to make a decision or take direct action.

Bureaucracy

A system of government or management involving multiple layers of administration, strict policies, and rigid adherence to rules.

Formal Chain

refers to a structured sequence of command or a series of roles within an organization, through which official communication is passed.