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:

Industrial Relations

The study and practice of managing the relationship between employers and employees, often focusing on collective bargaining, workplace disputes, and labor legislation.

Union Negotiators

Representatives of a labor union who engage in discussions with employers to establish terms of employment, wages, and workplace conditions for their members.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.

Confirmation Bias

A cognitive bias that involves favoring information that confirms one's preexisting beliefs or hypotheses.