Any Change in Price That Causes a Limitless Response in the Quantity

question 88

True/False

Any change in price that causes a limitless response in the quantity demanded of a product indicates that demand is perfectly inelastic.

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Definitions:

Mortgage Rate

The interest rate charged on a mortgage, typically expressed as an annual percentage.

GST

Goods and Services Tax, a type of value-added tax imposed on the majority of goods and services that are sold within the country for local use.

Supplies

Materials and goods held for use in the production process or office operations, often considered short-term assets in financial accounting.

GST and PST

Taxes applied to the sale of goods and services; GST is a federal tax in Canada, while PST is a provincial sales tax.