A Material Fact Is a Fact That Is Important and Central

question 71

True/False

A material fact is a fact that is important and central to the subject matter of a contract.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.

Elastic

A description of a good's demand or supply that indicates a high sensitivity to changes in price, where a small change in price leads to a larger change in quantity demanded or supplied.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater or less than one indicating the degree of responsiveness.

Quantity Demanded

The specific amount of a good or service consumers are willing to buy at a given price, holding other factors constant.