If Demand Changes Greatly with a Small Change in Product

question 1

True/False

If demand changes greatly with a small change in product price,the demand is inelastic.

---

Definitions:

Definite Time

A specified, clear duration with a known start and end point.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered but not yet paid for.

Notes Receivable

Notes receivable are written promises for amounts to be received, typically detailing the interest rate and when the principal and interest payments are due.

Claims

Demands for payments or property ownership typically made through legal or financial processes by creditors or insurers.