When the Elasticity of Demand or Supply Is Greater Than

question 48

True/False

When the elasticity of demand or supply is greater than 1.0,then that demand or supply is said to be inelastic.

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Definitions:

Annual Growth Rate

The rate of growth or decline in a specific variable over the course of a year.

Fiscal Quarters

Divisions of a financial year into four parts, used for accounting purposes and financial reporting by companies.

Nominal Interest Rate

The interest rate before adjustments for inflation, representing the rate that banks and other lenders quote.

Effective Interest Rate

The actual interest rate when compounding is accounted for, expressed as an annual rate.