When the Percentage Change in Quantity Supplied Is Greater Than

question 32

True/False

When the percentage change in quantity supplied is greater than the percentage change in price,supply is said to be elastic.

---

Definitions:

Severance Pay

Compensation paid to an employee upon termination of employment, often based on length of service.

Reasonable Notice

The adequate period of time that must be given prior to taking certain legal actions, such as terminating employment or altering contractual terms.

Profit Sharing

A compensation structure where employees receive a share of the company's profits, often as a form of incentive or reward.

Vicariously Liable

A legal principle where one party is held responsible for the actions or negligence of another party, usually in employer-employee relationships.