Supply Is Said to Be Inelastic If the Quantity Supplied

question 112

True/False

Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price and elastic if the quantity supplied responds only slightly to price.

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Definitions:

Database Systems

Software applications designed to store, manage, and retrieve information efficiently from a structured set of data.

Redundancy

In technology and engineering, redundancy refers to the inclusion of extra components that are not strictly necessary to functioning, aimed at increasing reliability of the system, typically in the case of a failure or fault.

Independence

The state or quality of being autonomous; free from external control or influence.

Master Data Management

A method of managing the organization's critical data to ensure consistency, accuracy, stewardship, and accountability across multiple systems and entities.