When the Disposal of a Significant Segment Occurs, the Income

question 34

True/False

When the disposal of a significant segment occurs, the income statement should report both income from continuing operations and income (loss) from discontinued operations.

---

Definitions:

Demand

The consumer's desire and willingness to pay a price for a specific good or service.

Elastic Demand

A market condition where the quantity demanded of a product changes significantly in response to price changes.

Inelastic Demand

A market situation where the quantity demanded of a product does not change significantly when its price varies.

Price Elasticity

A measure of how much the demand for a product changes in response to a change in its price.