Answer the Question on the Basis of the Following Demand

question 66

True/False

Answer the question on the basis of the following demand and supply data: $\begin{array}{cccc}\text {Quantity Demanded}&&\text {Quantity Supplied}\\\underline{\text { Per Month }} &\underline{\text { Price }} &\underline{ \text { Per Month} } \\ 30& \$ 8 & 44 \\ 36 & 7 & 38 \\ 42 & 6 & 30 \\ 50 & 5 & 20\end{array}$ Refer to the data.The supply of this product is inelastic in the $6-$5 price range.

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Definitions:

Father of Capitalism

A term often attributed to Adam Smith, who is credited with laying the foundational theories for modern economic systems based on free-market principles.