When the Elasticity of Demand or Supply Is Greater Than

question 218

True/False

When the elasticity of demand or supply is greater than 1.0, then that demand or supply is said to be elastic.

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Definitions:

Window Seat

A place or position, especially in a vehicle, located next to the window, often sought for the view and natural light it provides.

Television Set

An electronic device designed to receive broadcast signals and display them as visual images and sound.

Iconic Memory

A component of the visual memory system which includes a very brief (less than a second) retention of visual information.

Image

A representation or likeness of an object produced on a surface by light waves or captured through photography.