If All the Rows of a Transition Matrix Are Identical

question 23

True/False

If all the rows of a transition matrix are identical, there will be no transient states.

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Definitions:

Elasticity of Demand

This term measures how sensitively the quantity demanded of a good responds to a change in its price; a rephrased definition of Elasticity related to demand.

Very Inelastic

Describing a situation where the demand or supply for a good or service is largely unaffected by changes in price.

Inelastic

A characteristic of a good where its demand does not significantly change with changes in price.

Percentage Change

A mathematical calculation that describes the relative change between an old value and a new value, expressed as a percentage.